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While there are certainly some more bullish calls for the red metal out there, Bloomberg reported that, in a survey of 19 traders and hedge fund managers, the median response expected copper prices to fall as low as $4,800 by year end.
While there are certainly some more bullish calls for the red metal out there, Bloomberg reported that, in a survey of 19 traders and hedge fund managers, the median response expected copper prices to fall as low as $4,800 by year end.
As quoted in the publication:
The metal, known to some as the commodity with an economics degree, plummeted to a six-year low of $5,240 a metric ton last week on the back of the rout in Chinese stocks. While the government was able to stop the bleeding in equity markets and copper has recouped some of its losses, people who trade the metal predict weaker demand growth from China will help drag down prices.
We asked 19 traders and hedge fund managers if they thought copper has seen the lows this year. Based on the median of their responses, they expect prices to fall about 13 percent to as low as $4,800 a ton by the end of the year. That’s less than half copper’s record of $10,190 in February 2011.
