Citi analysts cut price targets for copper... Citi analysts Tom Mulqueen and Maximilian J Layton lowered their price target for copper.
“We lean modestly bearish copper near term as net speculative positions imply the market is pricing a stronger global growth recovery than our economists expect. We revise our copper 0-3-month price forecast to $8,500 per ton (from $10,000/t) – Last month we highlighted upside in copper from short covering. However, this failed to materialise as faltering macro-sentiment relieved pressure on shorts. In a more recent note we reiterated our belief that copper is already pricing a China-led growth recovery.