COPPER MAY SPIKE TO $14,000 ON SPECULATION BEFORE FUNDAMENTALS WEIGH IN BNP Paribas says copper could rise to around $14,000/ton in Q2, dri…
COPPER MAY SPIKE TO $14,000 ON SPECULATION BEFORE FUNDAMENTALS WEIGH IN
BNP Paribas says copper could rise to around $14,000/ton in Q2, driven more by investor speculation than supply-demand strength.
The bank sees momentum tied partly to geopolitical sentiment, including potential progress on Middle East peace. However, it warns the underlying market is oversupplied, and that surplus is likely to persist.
Forecasts:
Q2 average: $13,800/ton
Q4 drop: $12,650/ton
BNP expects the rally to fade in the second half of 2026 as fundamentals reassert themselves. Meanwhile, LME copper is slightly lower at $13,012/ton (-0.2%).
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