Global Copper output may disappoint in 2013: Morgan Stanley
Metal Recycling News | 2012-10-22 09:40:28
A structural copper market deficit continues, with the lowest reported stocks-to-consumption ratio since before the 2008-09 financial crisis.
By Paul Ploumis
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.
