| Copper prices are in "no-man's land" with both limited upside and downside, says Citi Research. The market has been unable to surge despite mishaps leading to shutdowns at the Bingham Canyon mine in the U.S. and the Grasberg mine in Indonesia. Citi says copper appears to be "fairly priced" in a range between $6,800 and 7,500 a metric ton.
"Copper prices are range-bound for both fundamental and macro economic reasons, in our view," Citi says. "Mine supply losses are being matched by growth at new projects. Chinese demand growth, though still positive, appears insufficient to keep the market tight enough to drive prices higher, while positive U.S. demand growth is essentially being countered by generally weaker demand in Europe...............................................Full Article: Source
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