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Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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June 2018 | Base Metals


Market Summary: Copper’s turn to shine


Most base metals have shown spells of strength in recent weeks, largely in response to supply-side issues that have helped to differentiate individual markets at times. Most recently, it has been copper’s turn in the speculators’ cross hairs, running up to new four-year highs. We can’t help feeling that its rally will turn into a spike if a strike at Escondida is averted. But, as with the other metals that have enjoyed similar run-ups, a generally solid global macro backdrop will likely ensure there is sufficient dip-buying interest to put in a lower high.

Copper’s turn to shine
Most base metals have shown spells of strength in recent weeks, largely in response to supply-side issues that have helped to differentiate individual markets at times. Most recently, it has been copper’s turn in the speculators’ cross hairs, running up to new four-year highs. We can’t help feeling that its rally will turn into a spike if a strike at Escondida is averted. But, as with the other metals that have enjoyed similar run-ups, a generally solid global macro backdrop will likely ensure there is sufficient dip-buying interest to put in a lower high.

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