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Barclays trims some metal forecasts for 2014; Copper price most vulnerable

Posted on 19 July 2013

Industrial metals analysts at Barclays bank Thursday trimmed their 2014 forecasts for some base metals, including aluminum, due to significant surpluses, and said copper prices are most vulnerable to a decline due to China’s economic growth slowdown.
“Supply will once again drive surpluses across the metals,” said the bank in its monthly metals report. “We expect a relatively flat price outlook given that, arguably, the market is already expecting these surpluses to continue, and in view of our economists’ forecast of a steadying in Chinese economic growth at lower levels.” The bank said that copper, the flagship of the London Metal Exchange, was the most vulnerable of the metals to a downside move, expecting prices to fall below $6,000 a metric ton by the end of next year. The metal Thursday traded around the $6,900 mark………………………………………..Full Article: Source


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