Investment case
The recovery in copper prices should be underpinned by increasingly tight refined market conditions in China. While the Chinese refined copper market loosened somewhat in Q1 on the back of weak demand conditions, it has tightened since Q2 thanks to a refined supply domestic response. While refined copper production growth should remain constrained in H2 due to an increasingly tight raw material market, domestic demand conditions are due to improve, which on net, will tighten even more the Chinese refined copper market. Since China represents 50% of the global refined copper market, we