CITIC Securities: Disruptions in copper mining gradually becoming normal, supply expected to be tight in 2024.
CITIC Securities research report indicates that with multiple disruptive factors becoming the norm, the trend of global copper mining supply falling short of expectations is expected to continue. It is projected that the global copper mining supply will increase by 800,000/620,000/550,000/500,000 tons from 2024 to 2027. Against the backdrop of decreasing supply at the mining end, the supply pattern of refined copper is expected to transition from a tight balance to a shortage. It is estimated that the global supply and demand balance of refined copper from 2024 to 2027 will be +1.7/-2/-38/-75 million tons, corresponding to a copper price center of 9,000/10,000 US dollars per ton in 2024-2025. The sector's "outperform market" rating is maintained.

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