Technically SP is looking good. On the back of constant media...

Technically SP is looking good. On the back of constant media reports that copper is headed for a major surplus this year.

A contrarian view of this might be quite positive. Despite all of this talk of a surplus there are some other factors which may weigh on the supply demand equation:

-constrained copper refining capacity globally

-Indonesian mineral export changes, initially seems to impact nickel the most but will have impacts on copper

-Port Strikes in northern Chile (largest copper exporter in the world)

-State grid of china's planned UHV line upgrade expansion
http://www.commodityonline.com/news/china-power-grid-expansion-on-cards-bodes-well-for-copper-aluminium-52154-3-52155.html

Lets hope Tigers direct circumstance ie getting this SXEW up and running coincides with a sustained copper demand for 2014. This could be a very big year if the contrarian view plays out.