Barclays has revised upward its copper forecasts for the fourth quarter and 2014, although it lists a downside risk to prices down the road. “In the copper market, China has been taking advantage of strong supply growth following years of scrambling around for the metal,” the bank says.
A Chinese stocking cycle for base metals is in full swing. “However, the danger is the more China buys now, the less it may need later on,” Barclays says. “We see this as a risk to prices, especially in 2014. In the meantime, however, as long as China keeps on buying, prices will be supported…………………….Full Article: Source