Copper: No muscle in this rally

Focus on Futures: Copper

The recent rally in copper prices could appear to reflect bullish developments in supply/demand fundamentals (Chart 1). The International Copper Study Group’s (ICSG) most recent data show that the global refined copper deficit at the end of the first half of 2012 had grown to 473,000 tonnes. A closer look, however, might cast some doubt on such optimism.

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