, Columnists
Miners Are Budgeting for a Recovery in Copper
The metal is swallowing up an outsize share of corporate spending plans, pointing to a bullish outlook.
Follow the money, not the hype.
Photographer: Dadang Tri/Bloomberg
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Don’t listen to what miners say. Look at what they do.
That’s good advice for working out the long-term direction of commodities prices. Ask mining companies which of their mineral assets will see good long-term demand and they’ll naturally answer, “All of them.” But a look at spending can give the lie to that rosy outlook — and highlight the times when they’re putting their money where their bullish mouths are.