Copper pricing to drop in 2014: Citigroup

Nov 18, 2013 | 11:10 AM | Claire Hack

Tags  copper prices, copper, Citigroup, London Metal Exchange, LME, Shanghai Futures Exchange, SHFE, China forecast

LONDON — Copper prices are likely to fall in 2014, pressured by rising stocks and production, as well as a strengthening U.S. dollar, Citigroup Inc. analysts said in a note Nov. 18.

"We forecast (London Metal Exchange) three-month prices to average $6,650 per tonne for the year as a whole, and lows of below $6,400 per tonne to be seen before year-end," the analysts said. "However, looking further forward, the significant cutting back of the future copper project pipeline suggests that a price of $8,000 per tonne could be achieved by 2018."....

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