Comments
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SLGreat piece. If you could lower the level of the music a bit, that would be swell! Keep up the good work
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JDAnother great piece put forward by RV and its growing number of interviewers. Awesome stuff guys :) Just a quick note re RIO and BHP in relation to RR's recommended lowest risk Cu exposure - remember, you're also accepting huge iron ore exposure with these two names which would be the least bullish narrative of all the base metals due to a tsunami of seaborne supply that is coming online.
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CLI think a lot of this is BS in terms on a macro perspective. Speculators have been a huge driver of copper prices. You can follow the net-positioning on a five-year percentile, and it follows future prices quite well. If you want to talk about PMIs, I noted all of this year that it follows a very distinct cycle. The ramp began in late 2016 when China flooded the market with money. China PMI (and inflation pick up) ----> Europe PMI (and inflation pick up) ---> US PMI ( and inflation pick up). Copper followed. Then we saw China PMI ( and inflation dip) ----> Europe PMI (and inflation dip) ----> US PMI (and inflation dip). The crux is China. One can say that that doesn't matter. I say, what happens when China can no longer flood the markets with liquidity?
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JFAs a physical market participant, I have some of the below comments: -No talk of physical premium, albeit is low, firming up a bit -New projects (lack of)/low ore grade is main supply issue. Most new projects have lower ore grades than those of past, producing less copper per mined ton -EV demand, I think is a bit overstated, unless the demand for EV really sets is. Some high level info I am basing this on is: -A metals consultancy recently foretasted a 1Mt of copper consumption, coming from EV’s which include, passenger and commercial HEVs (full hybrids), PHEVs (plug-in hybrids) and BEVs (battery EV’s,) annually in 2025 and 2.6Mt in 2035* -The Copper Alliance sees demand go from 185K tons in 2017 to 1.74M tons in 2027 *In 2025 copper demand is set to be 26.092MT and 29.402MT in 2035, so EV makes up/is expected to make up around 3.8% and 8.84% of total copper consumption for 2025/2035 respectively. I am bullish based on lack of new (economical) projects and low ore grades as well as demand in China.
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VPExcellent update on Dr. Copper! Can we have some inflation please??
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rrExcellent piece. In addition to Rick & Greg as go to guys, please bring Dwight Anderson back for his updated perspective!
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M.Hello everyone, Bernd Sischka of Thomson Reuters has been so kind that he provided us with a brand new Base Metals Outook for 2017. Make sure you check it out on: http://financial-risk-solutions.thomsonreuters.info/GFMS
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CLElectric car demand? Lol.
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MSAs a generalist, great work. BHP and RIO are obvious choices, technicals in next 48 hours will prompt my decision on them, now how about a few crumbs from the industry perspective? Real Vision needs to use Real dry ice for the real video effect😘.
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HJGood work. Glad I’m able to get the perspective You provide!
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dwKiller vid, love to hear how Euro hedge fund peeps speak about the commodity space and then you cut to Rick and Greg & have them break it down in their style. All views were succinct and tight. Now if we can only get a tripod on JP post interview wrap up. I'm currently holding a huge short position on handheld video/camera shake. ps- would love to see Robert Friedland of Ivanhoe speak about this space in the future.
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RAVintage RV interview with all sides of the argument being succinctly presented. Perfect time length for this interview, IMO. I will happily allocate time to listen to Rick Rule and Greg Weldon whenever Curator Milton deems appropriate. These guys are the ultimate “no BS” guys. I thought the interviewer did a great job on this one.
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JHMore of Rick Rule please...he is hands-down one of the clearest, most articulate speakers I have heard on RV. I wonder if he would consider role of professor as well as CEO...seems to me he'd make a great one : )
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VSGood interviews ...all worthwhile to hear
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KOFantastic.
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JHExcellent presentation, all around - like the format of multiple viewers giving different perspectives on a given market.
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EKAs someone in the metals market I thought this show was well done, congratulations. Rick's emphasis on the structural lack of investment is a key. With respect to copper it is very, very much a China story. Do you believe that this pace of infrastructure and manufacturing activity can be productively absorbed? Do you believe economic activity is inextricably linked to debt expansion? Do you believe that China's debt servicing capacity is limited? Do you believe Xi has gained sufficient power to redirect economic activity away from SOEs / local governments to the households and SMEs? The price / demand outlook for copper depends on how you answer those questions. Perhaps the best indicator for both bulls and bears will be whether China / Xi maintains a GDP activity target. Maintaining one is bullish, dropping it / watering it down / reformulating it to include 'happiness' would signal the opposite.
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ELI continue to like this format of covering a market sector with multiple views and from multiple aspects. I found this piece quite helpful. Thank You.
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PUgood presentation, he can do another
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PUcopper is down -2.01% as of this release!
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TSWho are you and why are you on real vision.... ?