Hedge funds’ bullish copper bets run into China’s slowdown
Without western investors buying, all eyes are back on China, and a copper market that several industry insiders say is still the weakest they’ve ever seen it.
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High prices also weakened manufacturing demand and may see China switch out copper for aluminum.
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The US Geological Survey reports supply from copper mines in 2023 amounted to only 22 million tonnes. If the copper supply doesn’t grow this year, we are looking at a 6Mt deficit.
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