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JPMorgan Forecasts Copper Deficit for ‘Next Few Years’

Copper supply will lag behind demand for the “next few years,” JPMorgan Chase & Co. said.

Demand may climb about 5.5 percent a year over the period, Fraser Jamieson, an analyst at JPMorgan’s Cazenove in London, said in a report dated today. Copper has a high correlation to improving industrial production, he said.

“We recognize near-term risk, with Chinese imports underwhelming and high inventories, but would see any sustained weakness as an opportunity to add selective exposure.” His top equity picks are Antofagasta Plc, Inmet Corp., Southern Copper Corp. and PanAust Ltd., according to the report.

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