With question marks hanging over the outlook for global economic growth, it has become increasingly difficult to get a handle on the true state of physical copper demand. Therefore, we have turned to the Capital Economics Copper Demand Proxy for answers. Our model suggests that growth in copper demand, though subdued, is still outpacing supply. This supports our view that copper prices will rally in 2020 as fears of a looming global recession fade and investor risk appetite rises.
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