Goldman's Metal Bull Has Tunnel Vision

Appetite is expected to increase globally as other economies bounce back, and copper-heavy green stimulus plans kick in, at a time of low inventories. Demand may exceed output. Glencore Plc, a major producer, last week put the copper project pipeline at pre-supercycle lows. Goldman sees the tightest conditions in a decade, and others too, to a greater or lesser extent, project deficits ahead.

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