Commodities Comment:Copper supply outlook weakens - now how does the 2015 balance look?

Feature article。

    A flurry of copper supply outlook downgrades announced by the big producersin the final quarter of 2014 is whittling away at the consensus conviction of asurplus next year. Examining these new stories, we sort the wheat from thechaff in terms of impact, and outline our new copper balance outlook for 2015and beyond.

    Latest news。

    Global industrial production in October rose by 0.3% MoM, according to ourdatabase of 62 leading industrial powers (for details see last month’s report),down from September’s 0.8% (revised). The increase means that the YoYgain was 3.0%, down from 3.2% in September and made up of a 2.2% YoYgain for developed economies and 3.8% YoY gain for emerging markets.

    More up-to-date data is available for the two largest industrial economies