| Macquarie Research, a unit of Macquarie Group, said that despite China's economic growth, apparent demand for metals remained weak, particularly in the US, Europe and South Korea.
"Certainly, industrial production is stuttering rather than accelerating and metal consumers are maintaining minimum working capital -- this situation should improve as lead indicators rise. However this process does not seem aggressive enough to drive commodity prices," it said.The bank cut its 2013 copper price forecast by 5.2 per cent compared with its January forecast, to $US7459 a tonne, and cut its 2014 copper price forecast by 14.7 per cent to $US6550 a tonne...............................................Full Article: Source
|