"I believe the copper market's going the way of iron ore and there's no reason to hold even the minimal exposure that I have in the metal at the moment. What we've seen in the iron ore space is the small players squeezed out by the big.
RioTinto, BHP and Vale have been happy to oversupply the market and dump the price down, which has been the death (quite literally) of many of the smaller and medium-sized players in the iron ore space, not to mention the crushing of any company looking to develop an iron ore project as a junior explorer. We're now seeing the same type of market conditions begin to appear in the copper space, with the big players happy to run their big mines at full speed because they're still highly profitable at the current copper prices, but the small players, the medium-sized and those left holding exploration projects are now being priced out.
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Back in late June, your humble scribe got off the fence, stopped being kinda-leery-but-maybe-there's-hope-ish about copper and laid out the full bear scenario for all to see in IKN319. Here's an extract from that edition of the Weekly, dated June 21st:
A couple of days later, as if by sheer coincidence and all that, several subscribers sent over the link to this Infographic (I think that's what the cool kids call 'em) entitled "The Looming Copper Supply Crunch", published by Visual Capitalist, because its bullish view of the metal's fundies was the exact opposite of your author's bearish "get out of copper" attitude.
That Visual Capitalist piece was interesting for two reasons. Firstly because (and here's a screenshot from it)...
...it was sponsored by a junior mining company with a big copper project. My what a coincidence. Secondly because after a couple of seconds I realized what was wrong with the title. Everything was spelled right, but they'd got their punctuation wrong. It should have been:
"The looming copper supply. Crunch."
Here we are in early July and the IKN corrected version is making a lot more sense.