Core Viewpoint - Mercuria predicts a significant shortage in copper supply this year, which may lead to record-high copper prices [1] Group 1: Supply Shortage - Mercuria forecasts a shortage of 700,000 tons in copper concentrate and 300,000 tons in refined copper metal for this year [1] - The copper market is described as being in an extremely fragile state, with a high likelihood of entering a shortage phase in the second half of the year [1] Group 2: Price Expectations - Nicholas Snowdon, a prominent copper bull at Mercuria, anticipates that copper prices will reach new highs, stating it is only a matter of time [1] - The current market conditions suggest that the question is not whether a shortage will occur, but when it will happen [1]