SHANGHAI, Aug. 23 (SMM) –Citi raised forecasts for copper, aluminum, nickel, zinc and iron ore prices, while Societe Generale is relatively pessimistic.
Barclays Expects Copper Prices to Severely Soften in Late 2017
Citi raised forecasts for nickel and zinc prices, citing supply side reform in China. Citi also revised up forecasts for copper, aluminum and iron ore prices in Q4 2017 and 2018. The bank now sees copper prices at $6,100/tonne in Q4 2017, up from its previous forecast of $5,800/tonne, and sees iron ore prices at $65/tonne in Q4 2017, up from previous forecast of $48/tonne.
Industry Insiders Bullish over Base Metals in H2 2017
There is no news in market fundamentals that could push prices up further, said Robin Bhar, Head of Metals Research at Societe Generale. Despite positive technical side for copper, zinc and aluminum, prices should correct down to levels seen before their surge, Robin Bhar added. Robin Bhar sees copper prices at $6,500/tonne and zinc prices slightly below $3,000/tonne.
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