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Home / Metal News / LME Week: Which Metal Has The Most Upside Potential For 2024? Majority (Including Citibank) Bets On Copper

LME Week: Which Metal Has The Most Upside Potential For 2024? Majority (Including Citibank) Bets On Copper

Oct 10, 2023 10:00

Source:SMM

Guests at the LME Week cast their votes on which metal has the most upside potential for 2024 and below are the results:

► 55.2% bet on copper

► 21.8%: tin

► 8%: nickel

► 6.9%: lead/zinc

► 4.6%: aluminum

Citibank analyst Max Layton said he is mildly bearish on copper's near-term outlook but said prices could soar once macroeconomic growth concerns recede. LME copper could jump to $12,000/mt to $15,000/mt in 2025, driven by surging demand from the energy transition that is unlikely to be met by expanding mine output.

Market forecast

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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China imported 12,700 mt of refined zinc in March, up 170.37% on the month but down 40.09% on the year. The imports totalled 19,300 mt in the first three months of 2023, down 53.75% YoY, while total exports of refined zinc during the same period stood at 2,400 mt. This pointed to net imports of 16,900 mt.

May 16, 2023 10:55

Industry SMM Insight

China Refined Zinc Imports Soared In March

Spot Stainless Steel Prices to be Stable with Occasional Declines This Week

Stainless steel prices remained low last week, with spot #304 dipping about 150 yuan/mt WoW.

May 15, 2023 15:11

SMM Insight

Spot Stainless Steel Prices to be Stable with Occasional Declines This Week

SMM Forecast on SHFE Nickel Prices Today

Nickel prices moved with some downward potential yesterday because of the poor downstream demand and trades amid economic recession.

May 12, 2023 09:29

SMM Insight

SMM Forecast on SHFE Nickel Prices Today

Mitsubishi Expects North American Profitability to Rebound Sharply

Mitsubishi Motors expects its profitability in North America to improve significantly in the coming year due to reduced incentives, improved exchange rates and strong sales of the Outlander plug-in hybrid crossover.

May 10, 2023 17:53

Industry

Mitsubishi Expects North American Profitability to Rebound Sharply

CME Fed Watch Tool Shows Extremely Low Possibility Of Fed Holding Back By The End Of This Year

At present, the CME Fed Watch tool shows that by the end of this year, the chances of the Fed holding back is only 1.2%.

May 9, 2023 15:30

Industry

CME Fed Watch Tool Shows Extremely Low Possibility Of Fed Holding Back By The End Of This Year

China Car Retail Sales will Show Significant Improvement in May

The latest "China Automobile Dealer Inventory Warning Index Survey" released by the China Automobile Dealers Association (CADA) shows that the inventory warning index of auto dealers in April 2023 was 60.4%, down 6.0 percentage points year-on-year and 2.0 percentage points month-on-month. The index exceeding the 50 point mark means a sluggish automobile distribution industry.

May 5, 2023 13:10

Industry

China Car Retail Sales will Show Significant Improvement in May

The Sixth Round of Coke Price Cuts is Likely Post the Labour Day Holiday

The supply of coke declined as coking companies were less active in production in light of falling profits and increasing inventory.

May 4, 2023 13:59

SMM Comments

The Sixth Round of Coke Price Cuts is Likely Post the Labour Day Holiday

Profits of Steel Mills Improved in Light of Falling Costs

The falling iron ore prices, the fifth round of coke price cuts and dipping steel scrap prices dragged down the costs of steel mills last week.

May 4, 2023 13:59

SMM Comments

Profits of Steel Mills Improved in Light of Falling Costs

SMM Forecast for Copper Prices Next Week

The United States and the Eurozone will announce interest rate decisions after China’s Labour Day holidays, and macroeconomic expectations will have a greater impact on copper prices. US GDP data in the first quarter showed that the economy has slowed down but inflation remains high. The April PMI and ADP’s non-farm data in the United States due during the holidays will further guide the direction of copper prices.

Apr 28, 2023 23:06

SMM Comments SMM Insight Industry

SMM Forecast for Copper Prices Next Week

Citibank Sees US Interest Rates Hitting 5.50-5.75% and Persistently Tight Labour Market

Analysts at US Citibank see the 1.2 percent quarterly rate of the U.S. labor cost index in the first quarter as a sign that there has been little relief from the underlying driver of excessive inflation, a tight labor market that pushes up labor costs and then passes them on to higher prices.

Apr 28, 2023 22:47

Industry

Citibank Sees US Interest Rates Hitting 5.50-5.75% and Persistently Tight Labour Market

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LME Week: Which Metal Has The Most Upside Potential For 2024? Majority (Including Citibank) Bets On Copper

SMM Events & Webinars

NET ZERO CHINA Field Trip

SMM Indonesia Seminar: Li-ion Battery & Energy Storage

2025 ASIA BATTERY MATERIAL COOPERATION SALON