Citi expects copper to recover to $9,500/t within three months
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Copper prices are expected to recover to $9,500 per ton within three months, according to Citi Research. The bank attributes the expected rally to a recovery in global manufacturing sentiment driven by anticipated Fed rate cuts and expected inventory draws and deficits in the second half of 2024. The bank has moderated its bullish average price forecasts for 2025/2026 due to growing confidence in avoiding forecast deficits. Copper prices were trading below $9,100 per ton level on Friday.
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