Group 1 - The core viewpoint is that the copper market is expected to tighten again next year, leading to new highs in copper concentrate and refined copper prices, with a projected shortfall of approximately 500,000 tons in the global copper concentrate market [1] - The limited supply growth and increasing demand from new smelters outside of China are the main reasons for the anticipated shortfall, which is consistent with this year's situation [1] - The refined copper market is currently experiencing an oversupply of 350,000 to 400,000 tons, a significant revision from the previous estimate of a 300,000-ton shortfall made in May [1] Group 2 - Mercuria, along with other energy traders like BGN and Gunvor, is expanding into metal trading, betting on structural changes in the global energy system to be profitable [2] - Over the past 12 months, Mercuria has invested nearly $2 billion, trading approximately 1 million tons of copper and 1.5 million tons of copper concentrate [2]
摩科瑞知名多头分析师：明年铜价将再创新高
Wen Hua Cai Jing·2025-11-26 11:36