{"id":3717,"date":"2023-05-03T13:38:30","date_gmt":"2023-05-03T17:38:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/copper-to-drift-higher-but-struggle-to-rally-reuters-poll\/"},"modified":"2023-05-03T13:38:30","modified_gmt":"2023-05-03T17:38:30","slug":"copper-to-drift-higher-but-struggle-to-rally-reuters-poll","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3717","title":{"rendered":"Copper to drift higher, but struggle to rally: Reuters poll"},"content":{"rendered":"
\n

By Eric Onstad and Ashitha Shivaprasad<\/p>\n

LONDON\/BENGALURU (Reuters) – Copper prices are due to recover slightly in coming months, supported by low inventories, but the upside will be curbed by weak physical demand in China and the threat of a global recession, a Reuters poll showed. <\/p>\n

Copper prices have been gradually losing steam since hitting their strongest levels in over seven months in January when optimism abounded about the reopening of the world’s second biggest economy. <\/p>\n

Prices have shed 10% since that peak as demand has disappointed in top metals consumer China and dark clouds threaten the global economy. <\/p>\n

“Copper will likely remain rangebound for now as the battle between recession and China demand, and falling stocks continue,” said Ole Hansen at Saxo Bank. <\/p>\n

“Investor involvement remains weak as macro economic-focused funds remain sidelined.”<\/p>\n

The cash contract on the London Metal Exchange (LME) is expected to average $8,840 a tonne in the third quarter, a median forecast of 25 analysts showed.<\/p>\n

That is 4% higher than Tuesday’s closing price. <\/p>\n

Disruptions may hit mine output, leading analysts to trim a forecast surplus for this year to 133,000 tonnes from 165,000 tonnes of oversupply in the previous poll. <\/p>\n

CHINA ALUMINIUM<\/p>\n

Aluminium prices have shed 12% since touching a peak in January as output increased and inventories rose amid tepid demand for the metal used in the auto, packaging and construction sectors. <\/p>\n

Top producer China saw primary aluminium output in March climb from a year earlier, but at a slower place than previous months. <\/p>\n

“We expect China’s 2023 aluminium production to rise year-on-year despite production cuts and output curtailments early in the year,” said Sudakshina Unnikrishnan at Standard Chartered (OTC:) Bank.<\/p>\n

The LME cash aluminium price is seen averaging $2,425 a tonne in the third quarter, 2% firmer than the current price.<\/p>\n

Analysts have marked up their estimates for an aluminium market surplus this year to 113,500 tonnes from 80,535 tonnes forecast in January. <\/p>\n

INDONESIA NICKEL OUTPUT<\/p>\n

Nickel is the worst performing LME metal so far this year, sliding 19%, largely on worries about rising output in Indonesia. The Asian country mainly produces nickel pig iron – a lower-nickel-content substitute for refined nickel.<\/p>\n

“Due to relentless mined nickel supply growth in Indonesia, and its broad-based nickel-bearing exports, we remain longer-term bears on the global nickel price,” said Tom Price at Liberum. <\/p>\n

The main use for nickel is in stainless steel, but the metal’s biggest growth area is for electric vehicle batteries. <\/p>\n

Analysts expect LME cash nickel prices to average $22,273 a tonne in the third quarter, down 11% from current levels.<\/p>\n

They also expect the global nickel market to see a surplus of 112,000 tonnes this year and an oversupply of 89,500 tonnes in 2024. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Eric Onstad and Ashitha Shivaprasad LONDON\/BENGALURU (Reuters) – Copper prices are due to recover slightly in coming months, supported by low inventories, but the upside will be curbed by weak physical demand in China and the threat of a global recession, a Reuters poll showed. Copper prices have been gradually losing steam since hitting […]<\/p>\n","protected":false},"author":1,"featured_media":3718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-3717","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCopper to drift higher, but struggle to rally: Reuters poll | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Eric Onstad and Ashitha Shivaprasad LONDON\/BENGALURU (Reuters) - Copper prices are due to recover slightly in coming months, supported by low\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=3717\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Copper to drift higher, but struggle to rally: Reuters poll | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Eric Onstad and Ashitha Shivaprasad LONDON\/BENGALURU (Reuters) - 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