Developers See Copper Rebound as Market Sentiment Shifts
Australian mining developers say their class is undervalued due to market sentiment clouded by the Iran war, and predict a commodities rebound once turmoil subsides.
Develop Global CEO Bill Beament told a Resources Rising Stars lunch in Perth that copper prices are poised for a significant increase, despite current records being overshadowed by global uncertainty.
Copper has been finely balanced in recent years, with an apparent surplus of 221,000t reported by the International Copper Study Group. However, demand for concentrate has accelerated due to refinery capacity expansion in China and India.
Beament predicts a 50-70% price increase for copper when it 'actually has a real run', echoing the commodity price growth seen in iron ore, lithium, gold, rare earths, and other metals. He expects this shift once the Iran war is no longer dominating markets.