Start your engines........, page-79

more from the AFR copper article below.

“The expectation of tighter market conditions reflects Goldman’s 434,000 tonne cut to its global mine supply forecasts for next year, which was largely due to lower guidance from operations in Chile.

The broker also increased its China green demand projection by 250,000 tonnes after analysts updated their expectations for installations of solar panels next year.

Goldman is anticipating that China will accelerate its restocking of copper as the nation ramps up toward a post-COVID-19 reopening, and introduces measures to stabilise its troubled property sector.

With global visible copper inventories set to end this year below 200,000 tonnes, “another deficit in the market next year will take fundamental conditions to an unprecedented extreme in terms of tightness,” Mr Snowdon said.

Goldman Sachs upgraded its average price forecast for 2023 to $US9750 per tonne, from $US8325 per tonne previously. The broker now expects prices to average $US12,000 a tonne in 2024, from $US10,750 a tonne previously.”