Funds less negative on copper as supply landscape shifts

By Mining.com

Copper supply, once again, is turning out to be a lot less resilient than expected.

Although most analysts are almost universally bullish on copper’s medium-term prospects thanks to the metal’s core role in the energy transition story, the shorter-term outlook was significantly different owing to an expected surge in mine supply this year and next.

However, the prospect of near-term surplus is fading fast. A pretty hard consensus that copper was heading for a period of supply-demand surplus both in 2024 and in 2025 is rapidly unravelling.