Frequent mining shutdowns intensify supply shortages, ANZ Bank optimistic about long-term copper price rally

Golden Ten Data reported on March 4 that ANZ Bank analysts stated that copper prices continue to face supply tightening as major mines are struggling to cope with shutdowns and maintain cautious production guidance. Global mine output is expected to grow by about 1% this year; although smelters are expanding processing capacity, the concentrate market is still expected to remain constrained. ANZ Bank also forecasts that strong demand from the energy transition and data center growth will keep the market at a 4% to 5% supply deficit, thereby supporting prices. London Metal Exchange copper futures rose 1.3% to $13,129 per ton.