Citigroup forecasts $9,000/mt copper next year

摘要

Citigroup Global Markets said Thursday nit expects copper prices to be in the nmid $8,000/mt range over the com-ning few months and exceed $9,000mt next year. A Citigroup report noted nthat the recent favorable supply/demandnfundamentals and a sharp decline in nthe US dollar have helped “spur fresh nfund inflows into the market.” It added: n“Exchange warehouse stocks of cop-nper continued to fall in September, and ngrowing expectations of further quanti-ntative easing measures by the US Fed n(and other central banks) have fired nup the market.” Citigroup pointed out nthat copper demand “appears to have nbeen quite strong during the Northern nHemisphere summer,” including Europe, nwhere it noted that Aurubis, Europe’s nlargest copper producer, said it is con-nsidering adding extra shifts to meet ncontinuing high demand.