UBS has tossed its hat into the #copper ring with a bullish report, saying a "#copper supply crunch is unavoidable", with price forecast upgrades to $4.50/lb next year and $4.75/lb in 2026. The change of position was described as the bank "pivoting" towards a more constructive view on #copper since the middle of last year: "We know the market is closer to a fundamental inflection point."
"Bottom-up developments have been universally positive with material downgrades to 2024 mine production guidance pointing to limited supply growth," UBS said. "Following material cuts to mine supply, we forecast a #copper deficit in 2024 and a lack of new project approvals increases the probability of a protracted period of deficits."