Analysts have pared price forecasts for copper and other industrial metals as supply expands while demand in top metals consumer China remains muted, a Reuters poll showed.
Copper prices have been range-bound in recent months after a January slide from their highest in more than seven months and a May rebound from a slump below $8,000 a metric ton.
For the first five months of the year, the global market was in a surplus of 287,000 metric tons, having been in a 74,000 ton deficit in the same period last year, the International Copper Study Group said. Analysts forecast a copper surplus this year of 111,000 metric tons, with oversupply rising to 188,000 tons next year.Prices for aluminium were supported early in the year by cuts to output in China's southwestern Yunnan province after reduced hydropower capacity triggered curbs on power usage, helping to lift prices to a seven-month peak in January.
LME cash aluminium is expected to average $2,308 a metric ton in the fourth quarter, down 8% from the previous poll's forecast.HIGHER-GRADE NICKEL "Against the backdrop of continued robust Indonesian production, which should to some extent also translate into higher class 1 nickel supply, we do see downside potential for the nickel price," said Thu Lan Nguyen at Commerzbank.
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