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

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

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