Global Copper output may disappoint in 2013: Morgan Stanley

Metal Recycling News  |  2012-10-22 09:40:28   |   By

A structural copper market deficit continues, with the lowest reported stocks-to-consumption ratio since before the 2008-09 financial crisis.

LONDON (Scrap Monster): Copper production reported by many of the major producers last week was largely disappointing, yet again highlighting an enduring trend that continues to plague the industry, said Morgan Stanley in a commodities snippet.


'While copper supply is finally making inroads to closing the chronic deficit, we think there is a substantial risk output could again disappoint in 2013,' Morgan Stanley added.

The continued that, 'with reported inventories back to pre-global financial crisis lows, we believe such an outcome would benefit prices.'

A structural copper market deficit continues, with the lowest reported stocks-to-consumption ratio since before the 2008-09 financial crisis, Morgan Stanley concluded.