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<Research>Citi Predicts Copper May Fall to US$12K/ Ton in ST, but May Rebound to US$13.5-14K Within 3 Mths
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Citi Research issued a research report emphasizing that, during the ongoing Iran conflict, copper prices are facing significant downside risks. The broker's base case scenario forecast is that the conflict will ease in the coming weeks, allowing copper prices to rebound to US$13,500-14,000 per ton within three months. However, there is indeed a possibility that copper prices could fall below US$12,000 per ton in the coming weeks, as disruptions to energy infrastructure and shipping in the Gulf region continued. This could lead the market to further unwind copper positions due to weakened expectations for US Fed rate cuts and cyclical growth. The current copper price is around US$12,900 per ton, close to its 50-day MA, Citi Research added. If this support level is breached, it could trigger further short-term technical selling. However, the broker believed that any credible signs of de-escalation in the conflict or the removal of drone and missile threats to energy shipments and infrastructure should allow copper prices to recover above prior levels. AASTOCKS Financial News Website: www.aastocks.com |
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