RE:Next stop $1.5 Back on more bullish footing, Thomas Rutland, copper analyst at S&P Global Market Intelligence, told Platts Wednesday: “Our base case assumption is that prices will recover during the second half of 2020. We expect that mine closures and the resumption, albeit gradual, of economic activity in China will mean that total exchange copper stocks will not increase. We assess that the mine closures and the restarting of economic activity in China to be the reason why copper prices have been held up and are starting to slowly increase again.”
Still, for every bull there was a bear. Copper will likely head back towards $4,000/mt before finding a floor, ANZ bank earlier this month. The bank has a Q2 2020 average forecast of $4,500/mt, with the price around $5,000/mt for the remainder of the year.
MI is forecasting a 2020 average copper price of $5,850/mt, with a modest surplus of 22,000 mt.
Source: https://www.spglobal.com/platts/en/market-insights/latest-news/metals/042220-copper-price-increasingly-volatile-views-on-direction-diverge