Citi Research Lowers Short-Term Copper Price Forecast Amid Weak Economic Outlook

Analysts at Citi Research have revised their short-term copper price forecast downward by 10%, from $9,500 per tonne to $8,500 per tonne. The downgrade is attributed to ongoing trade tensions between the U.S. and China, as well as weaker-than-expected economic growth in China, which are likely to dampen global demand for copper.

According to Citi's forecast, copper prices are expected to average $9,000 per tonne in the fourth quarter. On Thursday, copper prices on the London Metal Exchange fell below $9,000 per tonne for the first time in over two months, since September 5. December contract quotes on the Shanghai Futures Exchange also dropped by 2.1%, to 73,160 yuan per tonne ($10,103), marking their lowest level since September 12.

Other base metals also experienced declines. Nickel prices fell 0.6% to $15,670 per tonne, the lowest in 15 weeks, losing about 10% of their value over the past four weeks, as reported by Trading Economics. Zinc dropped by 2.4% to $2,900 per tonne, while tin decreased by 3.4% to $30,200 per tonne.