More of the same but all bodes well for MNC.
Copper Market Fundamentals by Xstrata.
http://www.xstrata.com/content/assets/pdf/x_speech_201009221.en.pdf
Structural constraints drive decline in existing production and restrict copper growth
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Existing production confronted with supply challenges
Declining grades and other production pressures
More than 90 mines set to shut down by the end of the decade
New supply growth continues to under deliver
Projects in increasingly difficult regions
More than 14Mt of potential supply growth over the next six years has been deferred
Demand-side:
Robust demand underpinned by increased copper intensity through urbanisation of populous countries
Easily substituted copper applications already switched
Supply-side:
Structural constraints to existing production and growth
copper, page-2
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