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Analysts Polls Cut Copper Forecast

Metal News - Published on Wed, 04 Dec 2019

Image Source: Copper Price
A Reuter’s poll showed that analysts have marked down this year's forecasts for copper and other industrial metals prices in recent months as top consumer China struggles to revive its economy. A median forecast of 26 analysts shows that LME cash copper price is expected to average USD 6,291 a tonne in the fourth quarter of this year a downgrade of 5.4% from the consensus estimate in the previous poll in May. Julius Baer analyst Mr Carsten Menke said “We expect a stabilization of the Chinese economy rather than acceleration, suggesting that metals demand should be sufficiently solid to support prices but not strong enough to push them higher.”

Analysts also trimmed their expectations of a copper market deficit in 2019 to 178,000 tonnes from their previous consensus forecast of 205,500 tonnes.

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Posted By : Arun Huidrom on Wed, 04 Dec 2019
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