This is the view of the group's analysts in their 2018 global base metals outlook.
They said the copper surplus could widen modestly this year despite major supply disruptions hitting in early-2017 and widespread talk of deficits. This is before contracting as the end of the decade approaches.
"Despite the surplus, in terms of sentiment the tide appears to have turned, although we are mindful that conditions may well be volatile at times," they said.
GFMS said a resurgence in bullishness resulted in copper making further gains in the December 2017 quarter, with LME three-month contracts reaching a near four-year high of US$7313 per tonne in late December and the quarterly average rising by 7% and 30% on a sequential and year-on-year basis, respectively, d...