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A copper bug asks ‘who got copper’?

Rick Mills - Ahead of the Herd| December 19, 2023 | 2:20 pmIntelligenceMarketsCopper

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The copper price has climbed to within spitting distance of 4 bucks a pound, on news that the Federal Reserve’s interest rate-hiking cycle is likely over and a weakened US$.

Increased demand for copper to a loosening of monetary conditions is one reason to be bullish, but copper bugs like us at AOTH know the real copper price driver is under-supply.

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To illustrate: the copper price hit a near 10-week high at the end of November due to the surprise closure of First Quantum Minerals’ Cobre Panama, one of the world’s largest copper mines.

The copper market narrative has been one of shrinking supply in the face of surging demand, not only due to electrification and decarbonization — EVs use four times as much copper as regular cars and trucks for example — but all the other applications for copper including in construction, power generation and telecommunications.

In February, CNBC reported that “a copper deficit is set to inundate global markets throughout 2023, fueled by increasingly challenged South American supply streams and higher demand pressures.”

Wood Mackenzie is forecasting major deficits in copper to 2030. Most of the world’s copper are located in Chile and Peru, areas that are increasingly volatile from a political and social perspective.

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https://www.mining.com/web/a-copper-bug-asks-who-got-copper/