The Copper Market Looks Comfortable On Some Headlines, But Mine Supply Still Looks Tight

Some copper headlines still point to refined market surplus, which can make the trade look less attractive at first glance. But the part I keep coming back to is mine supply. Refined output can rise in a quarter if smelters and refiners run harder, especially in places like China and India. Mine production is slower, more capital-intensive and more vulnerable to grade decline, disruptions, permitting and jurisdiction risk. That is why I am trying to separate short-term refined balances from long