Morgan Stanley has maintained a long-standing “base case” target for copper for 2024 of US$10,500/t for the LME. You can see from the chart below that they’ve been spot on with their call given the last traded LME copper price is US$10,587.
LME copper chart
Morgan Stanley chose not to update their base case target in this latest research report, but they did make note that their “bull case” target is US$13,125. This implies a further 24% upside from the current copper price if achieved.
The broker’s closing statement says it all: “While last week's rapid price moves may be followed by volatility, we continue to see positive fundamentals and upside ahead for copper”.
Morgan Stanley has maintained a long-standing “base case” target...
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