What do you want commodity prices to do? Well, whatever it is, there is probably an analyst that will give you a way to rationalize your hopes. On Mineweb.com, RBC Capital Markets makes the case that there is a medium term production constraint that makes copper their preferred base metal. "The copper market remains tighter than the other base metals. Inventories are relatively low, there is little excess mine capacity, and utilization rates remain high, supporting strong pricing."
Conversely, investment bank Société Générale sees a similar supply constraint and argues that means demand is not growing so, as new supply comes online, copper will suffer. They take a more bearish view on copper than other base metals. [right, native copper. Credit, USGS]
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