Copper price forecast raised to $9,200/tonne at BMI on tight supply, China optimism

seekingalpha04-11

Copper (HG1:COM) prices fell on Thursday, weighed down by a stronger dollar, after rising to their highest level since January 2023 amid supply concerns. The metal was trading 0.4% lower at $4.27 per ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2426231453?lang=en_US&edition=fundamental","thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1202319290/image_1202319290.jpg","is_english":true,"pubTime":"2024-04-11 18:04","share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","id":"2426231453","market":"us","top_or_hot":-1,"title":"Copper price forecast raised to $9,200/tonne at BMI on tight supply, China optimism","media":"seekingalpha","content":"<div>\n<p>Copper (HG1:COM) prices fell on Thursday, weighed down by a stronger dollar, after rising to their highest level since January 2023 amid supply concerns. The metal was trading 0.4% lower at $4.27 per ...</p>\n\n<a href=\"https://seekingalpha.com/news/4088819-copper-price-forecast-raised-to-9200tonne-at-bmi\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Copper price forecast raised to $9,200/tonne at BMI on tight supply, China optimism</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCopper price forecast raised to $9,200/tonne at BMI on tight supply, China optimism\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-11 18:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4088819-copper-price-forecast-raised-to-9200tonne-at-bmi><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Copper (HG1:COM) prices fell on Thursday, weighed down by a stronger dollar, after rising to their highest level since January 2023 amid supply concerns. The metal was trading 0.4% lower at $4.27 per ...</p>\n\n<a href=\"https://seekingalpha.com/news/4088819-copper-price-forecast-raised-to-9200tonne-at-bmi\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"UNG","symbol_name":"美国天然气基金","start_time":0,"source_url":"https://seekingalpha.com/news/4088819-copper-price-forecast-raised-to-9200tonne-at-bmi","article_id":"2426231453","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1202319290/image_1202319290.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2426231453","pubTimestamp":1712829867,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Copper (HG1:COM) prices fell on Thursday, weighed down by a stronger dollar, after rising to their highest level since January 2023 amid supply concerns. The metal was trading 0.4% lower at $4.27 per ","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"UNG":"美国天然气基金","UCO":"二倍做多彭博原油ETF","BK4585":"ETF&股票定投概念","WEAT":"Teucrium Wheat Fund","BK4157":"电子设备和仪器","USL.AU":"Unico Silver Ltd","NUGT":"二倍做多黄金矿业指数ETF-Direxion","GDXJ":"小型黄金矿业ETF(Market Vectors)","BK7067":"生物科技","USL":"United States 12 Month Oil Fund LP","DBO.AU":"Diablo Resources Limited","BK4535":"淡马锡持仓","CPER":"美国铜指数基金","DBO":"原油ETF-PowerShares","BNO":"美国布伦特原油基金有限合伙企业","BK4588":"碎股","BK4550":"红杉资本持仓","SCO":"二倍做空彭博原油指数ETF","DBA":"农业指数ETF-PowerShares DB","BK7095":"多种金属与采矿","SIL":"Silver Miners Etf","GDX.AU":"VANECK GOLD MINERS ETF","BK7104":"黄金","USO":"美国原油ETF","BNO.AU":"Bionomics","BK4547":"WSB热门概念","BMI":"Badger Meter","BK4504":"桥水持仓","GLD":"SPDR黄金ETF","BK4570":"地缘局势概念股","BK7507":"资源股","PALL":"Aberdeen Standard Physical Palladium Shares ETF","FDN":"First Trust Dow Jones Internet I","BK7508":"医药生物股","IAU":"黄金信托ETF(iShares)","SOYB":"Teucrium Soybean Fund","GDX":"黄金矿业ETF-VanEck","PSLV":"Sprott Physical Silver Trust","UGA":"United States Gasoline Fund LP","PHYS":"Sprott Physical Gold Trust","CORN":"Teucrium Corn Fund","SLV":"白银ETF(iShares)","BK7506":"金矿股"},"translate_title":"由于供应紧张，中国乐观，身体质量指数铜价预测上调至9200美元/吨","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PSLV":1,"DBO":1,"GDX":1,"GDX.AU":1,"GDXJ":1,"GLD":1,"IAU":1,"NUGT":1,"PALL":1,"PHYS":1,"DBO.AU":1,"SIL":1,"SLV":1,"SOYB":1,"UGA":1,"UNG":1,"USL":1,"USL.AU":1,"USO":1,"WEAT":1,"CPER":1,"CORN":1,"BNO.AU":1,"BNO":1,"BMI":1,"DBA":1,"FDN":0.9,"UCO":0.6,"SCO":0.6},"content_text":"Copper (HG1:COM) prices fell on Thursday, weighed down by a stronger dollar, after rising to their highest level since January 2023 amid supply concerns. The metal was trading 0.4% lower at $4.27 per pound. The recent disruptions to major mines are starting to ripple through the industry, ANZ said. A group of top Chinese copper smelters is reported preparing for a possible 10% production cut due to a collapse in treatment and refining charges.  Copper prices have been on a steady upward trend since the start of the year, with the metal (HG1:COM) rising over 10% year-to-date, and up 6% so far in April.  BMI – A Fitch Solutions Company raised its 2024 average annual copper price forecast from $8,800/tonne to $9,200/tonne, on the back of the tighter supply outlook and an overall decline in U.S. dollar strength (DXY). Hopes of a turnaround in demand in China, the world's biggest consumer of the metal, stemming from a recovering manufacturing sector, are likely to fuel price growth. However, BMI notes that the property market downturn will be a major drag, placing a cap on prices and tilting the balance of risks to the downside. In the long term, expects prices to reach $11,700/tonne in 2033, as the structural deficit persists due to a strong demand outlook as the green transition accelerates. On the production side, BMI forecasts copper output to grow by 3.1% y-o-y, supported by Chinese expansion in capacity. However, supply issues in Panama, including the shutdown of the big Cobre mine owned by First Quantum (FM:CA), have meant copper concentrate is now in short supply, leaving the market tight and putting pressure on refined copper supply. Global consumption, meanwhile, is forecast to rise by 3.5% y-o-y to 28mnt, constrained by subdued outlook for major markets.  Copper demand linked to artificial intelligence and data centers could add as much as 1M metric tons by 2030 and exacerbate supply deficits towards the end of the decade, commodity trader Trafigura said Monday. According to analysts, the green energy transition, along with the shift towards AI technologies, is expected to fuel a significant demand for copper. Separately, BMI maintained its zinc price (LMZSDS03:COM) forecast for 2024 at $2,500, dropping from an annual average of $2,651/tonne in 2023 as excess market supply drags prices. Despite earlier expectations of strong Mainland Chinese demand throughout 2024, an uncertain growth outlook for China and a subdued growth outlook across major markets will limit price growth, the research firm said. Forecasts zinc prices to average $2,560/tonne over 2024-2028.  Recent Commodity Price Movements and A look At Some ETFs  Energy  Crude oil (CL1:COM) +0.11% to $86.31. Natural Gas (NG1:COM) +0.23% to $1.89.  Metals  Palladium (XPDUSD:CUR) -0.10% to $1,051.50. Platinum (XPTUSD:CUR) +0.30% to $978.20. Gold (XAUUSD:CUR) -0.29% to $2,329.38.  Agriculture   Corn (C_1:COM) +0.61% to $436.40. Wheat (W_1:COM) +0.22% to $559.02.  Commodity ETFs  Gold ETFs:  SPDR Gold Shares ETF (GLD) VanEck Gold Miners ETF (GDX) VanEck Junior Gold Miners ETF (GDXJ) iShares Gold Trust ETF (IAU) Direxion Daily Gold Miners Index Bull 2X Shares ETF (NUGT) Sprott Physical Gold Trust (PHYS)  Other Metal ETFs:  iShares Silver Trust ETF (SLV) Sprott Physical Silver Trust (PSLV) Global X Silver Miners ETF (SIL) U.S. Copper Index Fund, LP ETF (CPER) abrdn Physical Palladium Shares ETF (PALL)  Oil ETFs:  U.S. Oil Fund, LP ETF (USO) Invesco DB Oil Fund ETF (DBO) U.S. 12 Month Oil Fund, LP ETF (USL) U.S. Brent Oil Fund, LP ETF (BNO) U.S. Natural Gas Fund, LP ETF (UNG) U.S. Gasoline Fund, LP ETF (UGA)  Agriculture ETFs:  Invesco DB Agriculture Fund ETF (DBA) Teucrium Soybean ETF (SOYB) Teucrium Wheat ETF (WEAT) Teucrium Corn Fund ETF (CORN)","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426231453"}