Commodities
UBS raised its 12-month copper forecast to $US6700 a tonne from $US5500 due to growing challenges to mine supply. "The copper story was more supply-driven. I don't think that demand angle is yet to kick in," said analyst Dominic Schnider of UBS Wealth Management in Hong Kong.
Nickel rallied in 2014 after Indonesia banned ore exports. More than a year later, prices are back where they started as the world's surplus of the refined metal is seen rising. The metal fell 1.7 per cent to settle at $US13,855 a metric ton on Monday.
