I guess I’m a contrarian then as I don’t necessarily follow that...

I guess I’m a contrarian then as I don’t necessarily follow that consensus view. If the price of a Chinese made microwave sold in the US goes up from $100 to $110, how much does that curb demand (how elastic is demand)? I don’t think all that much.. and if aluminium and copper prices drop that microwave costs the Chinese less to make...

I agree it will have some impact but it well be a fraction of a % of the market (<100kt Cu p.a) and there are bigger demand (and supply) drivers out there IMO. Don’t forget if average global copper grades decline from say 0.50% to 0.49% - the impact on supply is 400ktpa Cu (based on a 20mtpa Cu market).

What is worrying is if this thing escalates beyond just 10% and stifles global trade.. but I’m hopeful commonsense prevails in that regard..and copper goes on a run following years of underinvestment.