HSBC Raises 2024 Copper Price Forecast, Lowers For Most Other Metals18 Jan 2024 12:45
Jan 17 (Reuters) – HSBC:
Says "We Adjust Our 2024 Price Forecasts Higher For The Bulks (Iron Ore And Met Coal) And Copper, With Downward Revisions For Most Other Metals"
Says Platinum, Rhodium, Zinc And Copper Preferred Metals, Iron Ore And Coking Coal Remain Least-preferred, And Move Gold From Neutral To Least-preferred
Cuts 2024e-2027e Average Nickel Price Forecasts By 1-12% And Introduces 2028e Estimate Of $8.45/lb
Expects Lme Aluminium Prices To Stay Range-bound, Maintains 2024e/25e Lme Price Assumptions Of $2,300/t And $2,400/t
Increases 2024e-2027e Copper Price Forecast 1-7% On Expectations Of A Lower Surplus During The Period
Lowers Zinc 2024e Price By 3% To $1.27/lb (From $1.31/lb), 2025e-27e Prices Are Unchanged, Introduces 2028e Price At $1.30/lb
Says It Continues To Estimate A Modest Surplus For Global Aluminium Market In 2023e-25e
Expects The Copper Market To Be In A Deficit (Versus Previous Expectations Of A Surplus) In 2024e, Primarily Due To A Reduction In Mine Supply Forecasts
Expects The Copper Market To Turn Into A Surplus In 2025e-26e Before Moving Into A Structural Deficit