Goldman Sachs,“Overall, our new ‘bottom-up’ supply and demand balance work points to a [roughly] 500kt surplus market (>2% annual demand) for five consecutive years between 2015 and 2019, before the market balances up by 2020. Furthermore, we forecast cost support will decline to $4,500-5,000/t (90th and 95th percentiles of the total cash cost curve, respectively) by 2017,”

Maybe the copper deficits will come later than usually expected"2016..2017..or 2018).

It gives time for Teck to catch the start of the cycle.