May 2012 | Base Metals
Further price weakness likely in the short term: Market Summary
The outlook for base metal prices in the short term is likely to involve further losses, unless we see production cuts emerging, or if risk appetite returns and triggers short covering. Neither seems likely at moment.
Aluminium: Prices found support above $2,000/tonne. The fact that this level held suggests to us that the market is now starting to price in production curtailments. If cuts do not materialize – and even if they do – further price weakness cannot be ruled out in the short term, given the concerns about the fate of the euro. Copper: The tightness in copper spreads has eased and prices have retreated....
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