LORD COPPER: Does Mick know something that the market doesn't?

The hand of Mick Davis, head of X2, may be hovering over his pile of cash but he hasn't bought a mining asset yet, suggesting a man still waiting for bargain buying at the bottom of the market, says Lord Copper.

Is the optimism about prices continuing – and possibly even strengthening – their recovery, which was so prevalent at the start of the year, beginning to fade somewhat? Metals have moved significantly higher pretty much across the board, and yet progress now seems to be becoming more difficult. Is the rally – which has been solid – now reaching a serious pinch point? Certainly, looking at copper, there appears to be a degree of difficulty in breaking conclusively through the $6,000 level, which has halted progress fairly consistently. Yet the signs are good. Analysts are just about unanimous that we are heading for a supply/demand deficit, Escondida is subject to strike action and Freeport-McMoRan has an issue with the Indonesian government about exports, which has resulted...

Published

Lord Copper

February 28, 2017

16:30 GMT

London