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“For your marginal investor, I don’t think they appreciate how low inventories of copper, zinc, aluminium and nickel are,” says Sam Berridge, who runs Perennial’s Strategic Natural Resources Fund. Sam Berridge: cupboard is bare. AFR “It looks like we’re about to swing into a period of deficit for these commodities driven by stronger Chinese, and perhaps Western world, demand. But the cupboard is bare – there are no metal inventories to cushion this transition from surplus to deficit.” Hunting for value While metal prices have surged in anticipation of stronger demand and widespread shortages, Berridge believes that oil prices are...
