Research agency Fitch Solutions Country Risk and Industry Research has revised its copper price forecasts for this year and next to $9 200/t and $8 800/t, respectively, from its previous forecast of $8 700/t and $8 370/t, as prices continue to remain elevated on the back of tight inventories despite having stabilised thus far in the second half of this year.
Fitch Solutions says it holds a neutral outlook on copper prices from spot levels for the rest of the year and it retains its slightly bearish bias for 2022, as it expects global refined supply to improve as concentrate supply strengthens, while demand will ease from the high seen in the first half of this year, dragged by China.
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