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Copper price taking strain amid US rate hike fears, slow China recovery
Research company BMI has revised its average copper price forecast for the year to $8 550/t, down from $8 800/t previously. Prices in the year-to-date as at September 19 averaged $8 628/t. BMI says the dollar strength and market fears of another US Federal Reserve rate hike have placed a cap on copper price growth. Its revised forecast reflects BMI’s expectation that prices will remain under pressure in the last quarter of the year as weak demand and rising inventory levels hammer prices. For example, Mainland China’s service-led recovery, along with weak global demand, continues to put pressure on prices, as ... (full story)