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Copper miners could be shooting themselves in the foot

Looking at the basics of price forecasting, it means working out how much will be coming out of the ground in five or 10 years and how much China will be buying. According to Macquarie Bank analysts, who put on a briefing for (virtual) LME Week, China now consumes around 60 per cent of all metals, so is by far the most important market when looking ahead. 

There is a convincing case from copper bulls around its continued necessity as part of the global electrification push, greater general industrial demand, and a drop in global copper reserves. Many of the most important copper deposits were discovered more than 100 years ago. 

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