I'm not a conspiracy theorist, but believe that a lot of the big investment houses are crooks and liars, and the so-called "analysis" of the markets is based on their future plans and investments. If they told everyone "we're at the bottom and are going to begin investing heavily in copper", it would stimulate other buying and drive the price up. If they paint a picture of doom and gloom, they have a better chance of buying what they want at a cheaper price. The macro picture, is more complicated than that, and there are other factors, but Glencore's decision will effectively take 2% of the copper consumption out of play, close to the entire stock at the LME and COMEX at any time.

It depends on the analysts you believe as well. Some were calling for a relatively even supply and demand, or even a deficit going into next year. That's even before Glencore's decision.

I think China's demand has been slightly weaker than some estimated as well, so I think that will be the real deciding factor, as even a change in consumption, or growth of a percent is huge in terms of the impact. In any case, I think we're going to start to see some strength by next year in copper and should only get stronger going into 2017 and after, but will unfortunately will require more patience. I think generally, these guys are about as accurate as the weathernetwork in predicting the weather next week. There are guys in both camps though, so someone will be correct.

Here's a recent article that is more positive:

http://uk.reuters.com/article/2015/09/22/uk-copper-glencore-analysis-idUKKCN0RM07S20150922