UBS Raises Forecast for International Copper Prices

Published: Oct 26, 2021 16:51

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he investment bank UBS said that copper physical premiums in various places have risen, and copper stocks on global exchanges have fallen, especially in China, according to MiningWeekly.

SHANGHAI, Oct 26 (SMM) – The investment bank UBS said that copper physical premiums in various places have risen, and copper stocks on global exchanges have fallen, especially in China, according to MiningWeekly.

In October, copper prices rose by 18%, and the risk of power rationing put pressure on the supply of copper cathode. UBS raised the price forecast for copper to $12,000/mt in the next few quarters, which would then stabilised.

In October alone, copper stocks on the exchange fell by 70,000 mt to only 279,000 mt. This compares with an average of 502,000 mt of stocks on exchanges in the past five years.

Moreover, UBS estimates that the total ground inventory is about 4.3 million mt, which is equivalent to 64-65 days of consumption, while the 5-year average is 70 days.

copper prices

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