"In an interview last week, the head of the world’s largest mining company painted a gloomy picture for the industry. BHP’s Andrew Mackenzie said that in all the minerals markets in which it operates, any demand increase can too “easily” be met by expanding existing mines. One exception he sees is copper."

...

"While copper is still far off its 2011 record of $10,190 a metric ton, prices have advanced 15 percent from this year’s low on Jan. 26. The metal traded at $6,217.50 a ton as of 10:38 a.m. in London.

“The demand picture appears to be improving fast and seems to be the main factor supporting the price recovery,” Kevin Norrish, a mining analyst at Barclays Plc, wrote in a May 18 report."

...

"Jacques said in an interview that “supply is very challenging in copper and when you look at the next 10 years there’s a clear shortfall of around 8 million tons.” That’s equivalent to about eight mines the scale of Escondida in Chile, the largest copper mine.

“It took nearly 25 years to build Escondida, so therefore we’re pretty bullish about copper,” he said."

- http://www.bloomberg.com/news/articles/2015-05-21/gloomy-mining-chiefs-see-copper-tinted-light-at-end-of-tunnel