Copper has been one of the best performers in the commodity market. Nevertheless, strategists at ANZ Bank see risks skewed to the downside for copper prices. The economic backdrop remains weak, demand will fall 4% in 2020 with supply issues driving concerns of tightness. Key quotes “We see continued strength in Chinese copper demand failing to offset the weakness in the rest of the world for a while yet. We forecast demand will fall 4% in 2020, with growth remaining subdued in 2021.” “We forecast the copper market to move into a surplus of 565kt in late 2020, as the economic backdrop inhibits demand growth. This compares with a deficit of 100kt last year. This would be the largest surplus in the copper market since 2012.” “We reiterate our three-month target price of $6,000/oz.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD moves back closer to Wednesday YTD tops, around 0.7220 level FX Street 2 years Copper has been one of the best performers in the commodity market. Nevertheless, strategists at ANZ Bank see risks skewed to the downside for copper prices. The economic backdrop remains weak, demand will fall 4% in 2020 with supply issues driving concerns of tightness. Key quotes “We see continued strength in Chinese copper demand failing to offset the weakness in the rest of the world for a while yet. We forecast demand will fall 4% in 2020, with growth remaining subdued in 2021.” “We forecast the copper market to move into a surplus of 565kt in late 2020, as the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
