Barclays stays bearish on copper prices, betting Chinese import strength will fade and EMs will struggle

Barclays has retained its forecast that copper prices will average $4,420 per tonne in 2016, expecting Chinese and emerging market demand to disappoint.

On an official basis, copper prices averaged $4,692 per tonne in the first half of the year, 6% more than Barclays’ full-year forecast. The bank’s estimate implies that the red metal will trade at an average of about $4,150 through the second half, 16.4% below the official three-month prices of $4,965 per tonne seen on Friday. 

The April forecast has been maintained despite the surge in Chinese imports seen in the first half of the year, on the basis...

Published

Mark Burton

July 22, 2016

14:32 GMT

London