Red Kite Sees Copper Outlook Positive as Ore Swamps Smelters

Red Kite Group, whose metals fund returned more than 50 percent last year, said copper’s outlook has turned positive as refiners are swamped by supplies of mined ore amid prospects for global economies to strengthen.

Production from mines is exceeding output of refined metal and smelter bottlenecks are unlikely to ease for at least the next six months, according to David Lilley, co-founder of the asset manager, which oversees more than $2.3 billion. He also pointed to prospects for global economic growth to accelerate.