Base Metals

CRU director of copper research and strategy, Vanessa Davidson, suggested that the worse could be over for copper prices, but also stated at the recent CRU copper conference that the metal is unlikely to see a swift recovery, Reuters reported. In spite of recent supply troubles and slightly more optimistic price outlooks from some analyst firms, CRU sees the market heading into surplus next year.

CRU director of copper research and strategy, Vanessa Davidson, suggested that the worse could be over for copper prices, but also stated at the recent CRU copper conference that the metal is unlikely to see a swift recovery, Reuters reported. In spite of recent supply troubles and slightly more optimistic price outlooks from some analyst firms, CRU sees the market heading into surplus next year.

As quoted in the publication:

While cuts in production and delays to projects have removed eight projects equating to 1.5 million tonnes that were due to come onstream by 2019, it will take years before the global market feels any supply pinch and prices recover.

Base metals consultancy CRU does not expect prices to retest 2013 levels around $7,000 per tonne until 2017 and capacity cuts will not bite until 2018 when the market will return to a deficit of 300,000 tonnes.

CRU expects a balanced market this year, growing to a 250,000 tonne surplus in 2016.

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