Copper to remain on a downward trend over a 12-month investment horizon – SocGen
|Strategists at Société Générale do not expect to see a supply deficit in the copper market. Therefore, the metal is set to move downward over the coming months.
Copper’s long-term outlook is firmly bullish
“There is no such deficit in the copper market, where the SG Commodities strategy team sees both medium-term supply and demand being bearish.”
“Prices should remain on a downward trend over a 12-month investment horizon ($9,000/t forecasted by the end of the year and $8,500 by 2Q23), as strong mine supply floods the copper market.”
“The longer-term outlook is firmly bullish with the take-off of green transition consumption and an inexorable decrease in copper ore grade.”
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