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

Published: Oct 10, 2023 10:00

Source: SMM

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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

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