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February 2018 | Base Metals


Market Summary: On the defensive


The base metals are more on the defensive as global risk aversion has picked up and the US dollar has strengthened. Tight underlying fundamentals should maintain dip-buying interest.

On the defensive
The base metals are more on the defensive as global risk aversion has picked up and the US dollar has strengthened. Tight underlying fundamentals should maintain dip-buying interest.

Aluminium: Consolidation continues for now
Aluminium prices appear comfortable consolidating around the $2,200 per tonne level for the moment, despite the relentless rise in SHFE stocks. With signs of profit-taking beginning to emerge in other risk markets, aluminium could be vulnerable to further stale liquidation in the short-to-medium term.

Copper: Forecasting accuracy tested

MBR was the most accurate copper price forecaster in 2017 according to MB’s Apex poll of analysts. Our current base case price forecast for Q1 ($7,185 per tonne) is looking a little rich given the...

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