SHANGHAI, Oct. 22 (SMM) – The 2015 LME Week just concluded, and the followings are major stories in the copper and aluminum markets during the meeting.
Copper prices are expected to remain on its downward track, with 2016 copper prices expected to average at $4,800 per tonne. Global copper consumption will be soft in 2016.
Bank of America Merrill Lynch
Copper prices will not be supported unless copper miners cut output by another 500,000 tonnes.
Copper prices are predicted to average at $5,500 per tonne in Q4, and with $5,663 per tonne for 2015’s average, $5,713 per tonne for 2016’s, and $5,725 for 2017’s.
Around 58% of attendees at the 2015 LME Week are bearish over aluminum prices in 2016, with 43% of them expecting a 10% drop in aluminum price, according to a poll by Macquarie
The supply glut in world’s aluminum market will be worsening, as exports of aluminum products from China will grow. If the slowdown in Chinese economy continues, the outlook for aluminum prices will be grim.
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