July 2012 | Base Metals
Higher prices expected in H2 2012: Market Summary
We believe that prices will recover over the remainder of the year, amid expectations for more QE, slow but positive progress on the euro crisis, and further policy adjustments in China to reinforce the expected demand recovery.
Aluminium: Although premiums are at record highs, prices are around multi-year lows and are declining again after the post-EU Summit relief rally quickly faded and reversed. The fundamentals on aluminium remain bearish, as power subsidies in China ensure that global production continues to rise, even though the market needs cutbacks. Copper: We were not surprised to see the rally reverse and reiterate our view that there...
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