“While we remain structurally bullish on copper in the long run, weaker global GDP and copper demand growth pose a risk of delaying the deficit we expect to see in the market this year,” Goldman Sachs said in a report.
The Trump administration’s latest slew of levies will likely depress prices, Max Layton, global head of commodities research at Citigroup, said in an interview with Bloomberg Television.Copper could fall by another 8% to 10% in the coming weeks, he added.
JP Morgan now predicts a 60% chance of a global recession if the tariffs continue.
No good news in the immediate future. I wouldn't expect a narcissistic bully to cave quickly - he would have to admit that he and his (not so economic or econometrically learned) economic team are wrong - flat out wrong. Cue the economists who are pretty much aghast at the formula used and its application to what he was trying to achieve. Futile is a word that comes to mind. Or a "Fools Errand" if I use 2 words.
NWC Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
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