UBS: Copper Rally “Just The Beginning”

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🚨 🚨 UBS says copper rally ‘just the beginning.’ It continues to believe copper is structurally undersupplied and forecasts a buildup of tightness in the copper concentrate market. “The prospect of greater Chinese smelter maintenance in 2Q24 – up to 3M metric tons of capacity – has triggered a surge in the metal’s price as processed production not bound to longer-term contracts tightens copper supplies”

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