GREY:NEVDQ - Post by User
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bogfiton Dec 03, 2023 9:17am
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LONDON, Nov 28 (Reuters) - Reduced supply from major copper
LONDON, Nov 28 (Reuters) - Reduced supply from major copper LONDON, Nov 28 (Reuters) - Reduced supply from major copper producers Panama and Peru may flip the global copper market into a deficit from surplus in 2024 or at least tighten oversupply if the disruptions are not resolved in coming months, analysts said on Tuesday.
Copper, used in power and construction, is widely expected to benefit from the green energy transition in coming years, however it is up just 1.2% so far in 2023 amid patchy post-pandemic recovery of top metals consumer China and concerns about economic growth elsewhere.
"Participation in the copper market has been slim. This could be the trigger for some longer-term investors to come in, especially given the deficit calls for the back half of this decade are now being brought forward," said Al Munro at broker Marex.
Dwindling copper supply from Panama and Peru could wipe out global surplus in 2024 | Reuters
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