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December 2017 | Base Metals


Market Summary: Weaker tone spreading


In recent weeks all the base metals pulled back to varying degrees, but we still see the weakness as consolidation. We remain generally bullish, but it may need more evidence of supply tightness, such as more meaningful and widespread stock declines, before consumers and investors feel the need to chase prices into new high ground. We would not be surprised to see prices continue to drift until then.

Weaker tone spreading
In recent weeks all the base metals pulled back to varying degrees, but we still see the weakness as consolidation. We remain generally bullish, but it may need more evidence of supply tightness, such as more meaningful and widespread stock declines, before consumers and investors feel the need to chase prices into new high ground. We would not be surprised to see prices continue to drift until then.

Aluminium: Sentiment bearish
Aluminium prices continue their downtrend as sentiment remains bearish after Chinese smelter cuts have fallen short of expectations and domestic stocks continue to build. Technical support is holding, at least for now, but we believe prices will maintain their downward bias in the coming weeks.

Copper: Long-term...

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