Hi all! Found this on the Globe and Mail website:

http://www.theglobeandmail.com/globe-investor/investment-ideas/research-reports/article16056173.ece/BINARY/Scotiabank%20Commodity%20Price%20Index%20%28December%2019,%202013%29.pdf

It kind of scares me that there is no need to build a new copper mine for some time. Who will buy Copper Foxes 25% when there is absolutely no urgency to mine the stuff?

Turning to copper, prices could slip towards the US$3 mark over the next 12-24 months, as the current wave of new mine supply continues. However, we have upwardly revised our price forecast for 2014 to US$3.15 per pound in view of this year’s stronger-than-expected demand growth in China (+12.5%). A shortage of scrap as well as robust demand in the auto (+13.5% YTD) and electrical equipment sectors has boosted cathode demand. China’s State Reserve Bureau may attempt to acquire a bigger buffer stock in 2014, with prices near a cyclical low. The net result, copper has flipped into ‘backwardation’ — a sign of market tightness. By the second half of the decade, it appears likely that copper prices will rebound strongly, given the strength of ‘emerging market’ demand and higher required incentive prices for new mine development. In 2012, vehicle ownership in China was a mere 81 compared with 794 per 1,000 people in the United States.