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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

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LME copper prices opened at $8557.5/mt and closed at $8547.5/mt in narrow range, a drop of 0.23%, with the low-end of $8529/mt and the high-end of $8599/mt.

Jan 26, 2024 09:48

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Aluminium rod supply shifted to a surplus in December on production increase

According to the SMM analysis team, the aluminium rod supply was largely stable in December.

Jan 23, 2024 10:45

Industry

Aluminium billets: The inventory rose slightly

According to SMM statistics, the social inventory of domestic aluminium billet across China’s five major markets stood at 83,800 mt on January 18, up by 800 mt WoW, up by 2,700 mt compared with January 15, and up by 48,100 mt YoY (as CNY holidays were relatively late this year).

Jan 23, 2024 10:41

Industry

Aluminium: Domestic aluminium ingots have been destocked for more than a week due to intensive pre-holiday stocking

On January 18, 2024, SMM data showed that the social inventory of aluminium ingots in China’s eight major markets was 441,000 mt, and the amount available for sale stood at 315,000 mt, down by 18,000 mt WoW.

Jan 23, 2024 10:37

Industry

SMM Aluminium Market Morning Comment (Jan 19)

Overnight, the most-traded SHFE 2403 aluminium contract opened at 18,745 yuan/mt, with high and low at 18,760 yuan/t and 18,665 yuan/mt before closing at 18,700 yuan/mt, down 65 yuan/mt or 0.35%.

Jan 19, 2024 10:08

Industry

Cost Support To Coke Prices Weakens

Low-sulfur coking coal in Lvliang, Shanxi was quoted at 2,300 yuan/mt, while the quotation was 2,250 yuan/mt in Linfen and 2,100 yuan/mt in Tangshan.

Oct 18, 2023 16:52

Industry

China’s Automobile Exports Exceed 400,000 Units For Two Consecutive Months

In the data released by the automobile industry in the first three quarters, Chinese automobile exports continued to rise, exceeding 400,000 units for two consecutive months.

Oct 12, 2023 21:50

Industry

China’s Automobile Exports Exceed 400,000 Units For Two Consecutive Months

Automobile Production And Sales Achieved Growth Mom And Yoy In September

Data released by the China Association of Automobile Manufacturers (CAAM) on October 11 showed that in the first three quarters of this year, China’s automobile market as a whole maintained steady growth.

Oct 12, 2023 21:43

Industry

Automobile Production And Sales Achieved Growth Mom And Yoy In September

Iron ore price in Tangshan still under downward pressure

Affected by the sharp drop in futures prices, steel mills in the Tangshan area lowered their purchase prices of iron ore concentrate by 20-25 yuan/mt.

Oct 11, 2023 18:10

Industry

Iron ore price in Tangshan still under downward pressure

SMM Morning Comment For Aluminium Market On September 20

Overnight, the most-traded SHFE 2310 aluminum contract opened at 19,325 yuan/mt and went down before closing at 19,160 yuan/mt, down 75 yuan/mt or 0.39% compared with the previous trading day.

Sep 20, 2023 09:28

Industry

SMM Morning Comment For Aluminium Market On September 20

SMM Events & Webinars

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Nov
24
- 2024 SMM Middle East Secondary Metal Field Trip
  Nov 24 - Dec 01,2024
  UAE
Apr
09
- NET ZERO MEA - Solar & Energy Storage
  Apr 09 - 10,2025
  MARRIOTT HOTEL AL JADDAF, DUBAI, UAE
Apr
23
- 2025 (20th) SMM Copper Industry Conference and Expo
  Apr 23 - 25,2025
  Nanchang，Jiangxi，China

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

SMM Events & Webinars

2024 SMM Middle East Secondary Metal Field Trip

NET ZERO MEA - Solar & Energy Storage

2025 (20th) SMM Copper Industry Conference and Expo