MB:ABN Amro cuts forecasts, looks to Q3 for copper recovery
Copper could move lower in the next two months before recovering on fresh Chinese buying in the third quarter, ABN Amro said as it cut its base metals forecasts for this year.
Copper could move lower in the next two months before recovering on fresh Chinese buying in the third quarter, ABN Amro said as it cut its base metals forecasts for this year. The banks’ analysts pared their 2011 copper price forecast on a combination of disappointing Chinese demand, sluggish growth in the US and Europe, and weaker-than-expected offtake to exchange-traded funds (ETFs). Three-month LME copper will average $9,425 per tonne in 2011, according to ABN Amro’s latest forecast. This compares with $9,662 per tonne previously....
