Industrial Metal Prices Surge Amid Investor Confidence in Increasing China Demand

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Financial Times 3w ago

Industrial Metal Prices Surge Amid Investor Confidence in Increasing China Demand - Financial Times

Quick Summary:

Bank of America on Monday raised its price forecasts for industrial metals in anticipation of tightening supply and an acceleration in demand, particularly for copper.

In March, Chinese copper smelters, which process more than half of the world’s supplies of the red metal, agreed to embark on rare joint production cuts in order to cope with the shortage of raw materials, although no final deal has yet been reached.

The sector lagged behind the broader market for much of this year but has outperformed since the beginning of April.“Even though we have some lingering concerns on China, we think the sector is pricing too much negativity,” said Emmanuel Cau, head of European equity strategy at Barclays.“There’s catch-up potential for miners.