Now Even Citi and Goldman are Highly Bullish on Copper

138 views Leave a comment

In 2016, Chinese copper direct grew strongly during 3-7%, compared to accord expectations of 1-2% during a start of a year. Looking forward, we see direct somewhat moderating, though to a still-solid 3-4%. Mine supply is approaching to delayed notably, from 3.2%YoY in 2016E to 1.1% in 2017E, so formulating a initial supply necessity given 2011. On the forecasts, copper prices will US$2.53/2.76/3.03 per lb in 2017/18/19E, respectively, or US$5,575/6,075/6,675 in US$/t terms.