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[Neutral]

I assume that current prices makes market balanced and I do not expect any significant movements up or down. On the one hand, I expect recovery in demand from stainless steel and also booming demand for moly chemicals, particularly in China. On the other hand, that will be compensated by supply growth from new copper by-product projects (Centinella, Cobre de Panama, Las Bambas, Tocquepala, Toromocho and Koktenkol) and the return to normal or planned production at existing producers.