Copper Forecast Update: Prices Should Fall as Supply Rebounds and Chinese Demand Slips Post-Stimulus
We’ve raised our 2017 and 2018 copper price forecasts amid short-term supply constraints and stimulus-related demand growth in China. We now expect prices to average $2.65 per pound in 2017 (previously $2.40) and $2.40 in 2018 (previously $2.05). Our Anglo American fair value estimate rises to GBX 480 per share from GBX 460.We expect copper prices, which have surged in recent weeks to $2.90 per pound, to fall in the remainder of 2017 and into 2018. As the impact of Chinese credit stimulus fades...
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