A Million Tons of Copper Is on the Way: It May Not Be Enough | Beckett Bronze Co., Inc.
Industry analysts and executives descending on Santiago this week for the Cesco conference, one of the industry’s biggest events, are in bullish spirits: a key indicator of the market for copper ore — known as concentrates — is pointing to the tightest market in more than five years, and banks and brokers such as Morgan Stanley and Macquarie Group Ltd. rank the metal as one of their top picks.
The outlook for the deficit is helping underpin prices even as concern mounts over a slowing global economy and persistent trade frictions. The metal is expected to end the year at about $2.86 a pound, near the current $2.89, and to remain largely unchanged for the next two years, Davidson said. The price is forecast to reach $3.30 in 2023, according to CRU.