ANZ suggests copper to recover 25% this year. I reckon that rerate has already started, its oversold.
part of article
Copper has just come off lows last seen since 2009 – and ANZ is calling the bottom, believing a pick-up in demand from China is set to give prices a massive boost.
The red metal traded around $US4325 per tonne on January 16 – its lowest price since 2009. It's currently recovered 5.5 per cent to $US4565 per tonne.
"I think the picture's going to remain somewhat cloudy, but it does feel like we're finding a bottom here," said ANZ commodities analyst Daniel Hynes.
"If we do see volatility in other global asset classes ease a little bit then we could see copper prices start to inch up a little bit."
RTG Price at posting:
32.5¢ Sentiment: Buy Disclosure: Held
