瑞信-亚太地区金属与采矿业-LT铜价可能需要上涨，以刺激供应充足-2021.3.3-21页

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瑞信-亚太地区金属与采矿业-LT铜价可能需要上涨，以刺激供应充足-2021.3.3-21页

# 投行报告 # 亚太 # 铜大小：0.93M | 页数：21 | 上架时间：2021-03-11 | 语言：英文

瑞信-亚太地区金属与采矿业-LT铜价可能需要上涨，以刺激供应充足-2021.3.3-21页.pdf

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瑞信-亚太地区金属与采矿业-LT铜价可能需要上涨，以刺激供应充足-2021.3.3-21页.pdf

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类型: 行研

上传者: ZY reset

撰写机构: 瑞信

出版日期: 2021-03-03

摘要：

We consider the current surging copper price to be caused by loose global liquidity stimulating metal demand by investors. We estimate there is a 200kt copper supply shortfall this year, but the recent price spike appears to be driven heavy stimulus stoking fears of inflation, with commodities a safe-haven, while funding costs are cheap, and there’s a positive demand narrative for decarbonisation. But, we don’t expect the bullish price to outlast the year as there is a supply wave approaching. But by 2024, the supply wave will have passed, while demand should continue accelerating for decarbonisation. By 2024, new mine supply will be needed, but what copper price will be needed?

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