Is copper the new oil?

So far, the beginning of 2024 feels like a continuation of what we have seen throughout 2023. Central banks are talking about a soft landing, and the market is expecting swift interest rate cuts now that the pace of price increases has slowed to around two per cent per year. 

Meanwhile, central banks are trying, through continued "forward guidance”, to communicate that rates will not be lowered as early and quickly as the market expects. 

Globally, China's problems within the real estate sector have flared up again, and the turmoil from the terrible wars in Ukraine and the Middle East continues without any clear resolution in sight.

In this month’s letter, we write about these macro events, and we also do a deep dive into the investment case for copper.

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