Murky Waters In Global Copper Support Our Neutral Stance

Goehring & Rozencwajg Associates 1.03K Follower s Follow 5 Share Save Play ( 11min ) Comments Summary A sharp divergence emerged in the third quarter between base-metal prices and base-metal equities, perhaps reflecting investors’ hope that erratic tariff announcements might finally be easing. We remain short-term bullish as China’s rapid expansion of copper smelting and refining capacity has sharply tightened the copper concentrate market. Even with these short-term bullish developments, we must emphasize that the underlying fundamentals of the global copper market have shifted to a decidedly neutral stance. These large adjustments have shifted our copper market models from showing a structural deficit to showing a structural surplus. The data now coming in appears to support our more neutral stance toward copper. tifonimages/iStock via Getty Images The following segment was excerpted from the Goehring & Rozencwajg Natural Resource Market Q3 2025 Commentary originally posted on Nov. 26, 2025. Copper and Base Metals A sharp divergence emerged in the third quarter between This article was written by Goehring & Rozencwajg Associates 1.03K Follower s Follow Goehring & Rozencwajg (G&R) is a fundamental research firm focused exclusively on contrarian natural resource investments, with a team with over 30 years of dedicated resource experience. G&R is an SEC-Registered Investment Advisor. Note: This account is not managed or monitored by Goehring & Rozencwajg, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Goehring & Rozencwajg's official channels.

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