1/5
Copper futures are up, presumably on confidence in a domestic economic recovery, although I wonder if they aren't up really for the same reason all other assets in China – and the rest of the world – are up: lots of liquidity and plenty of leverage.
caixinglobal.com/2021-02-19/cop…
Copper futures are up, presumably on confidence in a domestic economic recovery, although I wonder if they aren't up really for the same reason all other assets in China – and the rest of the world – are up: lots of liquidity and plenty of leverage.
caixinglobal.com/2021-02-19/cop…
2/5
China accounted for over half of global copper consumption in 2019, with construction of power facilities taking up 37% of the volume, the real estate sector accounting for 21% and consumer appliances 15% of the total. This year I expect consumer appliances to do very...
China accounted for over half of global copper consumption in 2019, with construction of power facilities taking up 37% of the volume, the real estate sector accounting for 21% and consumer appliances 15% of the total. This year I expect consumer appliances to do very...
3/5
well as we get a partial recovery of last year's contraction in consumption, but for that reason I also think growth in infrastructure and real-estate investment will be weaker. The regulators have made it clear that they want to restrain the growth in the country's debt...
well as we get a partial recovery of last year's contraction in consumption, but for that reason I also think growth in infrastructure and real-estate investment will be weaker. The regulators have made it clear that they want to restrain the growth in the country's debt...
4/5
burden, and they can only do that by restraining the growth in public-sector and real-estate investment.
Industrial metals are perhaps an inverse proxy for rebalancing: the more balanced Chinese growth, the less upward pressure on prices. If GDP growth this year...
burden, and they can only do that by restraining the growth in public-sector and real-estate investment.
Industrial metals are perhaps an inverse proxy for rebalancing: the more balanced Chinese growth, the less upward pressure on prices. If GDP growth this year...
5/5
is 8-10%, as most analysts seem to think, there will have been a big increase in investment. If it is 6-8%, as I and a few others expect, there won't.
is 8-10%, as most analysts seem to think, there will have been a big increase in investment. If it is 6-8%, as I and a few others expect, there won't.
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