Macquarie’s Lennon Cuts Copper Surplus Call on China

"The global copper surplus will total about 500,000 metric tons this year, 44 percent lower than previously forecast, on higher demand from China and supply problems at some mines, according to Macquarie Bank Ltd"

And this bit:

"The forecast for a smaller surplus “implies a more bullish mood compared to the fourth quarter of 2008 and may restrain copper from falling back too far,” said Xiao Jing, an analyst at Beijing Capital Futures Co. Other forecasters have also cut their predictions, Xiao said."