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  • Copper – An oversold market offers a chance to buy - Updated Mon March 17, 2014

    • 3-month LME copper breaks lower on a lack of confidence about China amid talk about financing deals • Market has overreacted to the possible outcome of unwinding, in our view; we do not see it happening • We maintain our full-year price foreca...

  • LME Week 2013 - Updated Fri October 4, 2013

    • China – We revise up our forecast for copper demand growth for this year to 9%, after a strong summer • Mine costs – We see a dramatic rise in operating costs for copper, with Chile losing competitiveness • LME warehousing – We expect continued ...

  • Copper – Getting used to a slower China - Updated Fri August 2, 2013

    Copper consumers in China maintain low-inventory strategy on bearish price outlook and tight credit • Recent macro policy changes aimed at supporting growth have not boosted consumers’ confidence • We maintain 5% growth forecast for China’s 2013 ...

  • Copper – Financing deals face regulatory challenge - Updated Mon May 27, 2013

    China has issued a regulation to tighten supervision on commodities used in financing • The regulation is likely to reduce leverage and encourage the unwinding of financing deals • 3M LME copper faces downside risks in the near term, but the impa...

  • Copper – Under pressure, despite China’s strength - Updated Fri April 5, 2013

    Demand – Problems in Europe are offsetting a seasonal upturn in China • Supply – Chilean strike hits copper shipments and miners are planning further action • Market – LME stock rise needs careful interpretation; premia rally despite stock overhan...

  • Copper – Through the darkness - Updated Tue March 5, 2013

    • Our discussions with copper consumers in China show that demand is improving • Manufacturers are restocking copper products in preparation for the peak consumption season in Q2 • Refined copper stocks remain at a record-high level, providing hea...

  • Copper – Belt up for takeoff in Zambia - Updated Fri February 8, 2013

    We were impressed by the scale and operations of Konkola and Muliashi mines in Zambia’s copper belt • Zambia needs to add 300MW grid facility to grow production from the belt to 1.5mt from 1mt now • We believe Zambia has an exciting future in copp...

  • Copper – On neutral ground - Updated Thu July 12, 2012

    • Most in China’s copper business are neutral on the price outlook for H2-2012 • The majority expects China’s H2 copper demand to be soft, at best • 3M LME copper price has bottomed out, but recovery in H2 will be capped by real demand...

  • Copper – Cu at the warehouses - Updated Thu April 26, 2012

    • Copper stocks in China have reached about 1mn tonnes – the highest level ever • Stocks are building along the supply chain, with demand improving only marginally • Avoid being too bearish – we expect a stronger H2 despite near-term headwinds fro...



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