Global Metals Demand to Face Major Headwinds in Q4 This Year
Sucden forecasts copper prices to trade between $8,500 and $9,500 per metric ton (mt) in the fourth quarter.
SEATTLE (Scrap Monster): French-based Sucden Financial is of the opinion that consumer demand for metals is likely to face major headwinds during the fourth quarter of the year.
According to Geordiw Wilkes, Head of Research at Sucden Financial, metals including copper, aluminium, nickel and platinum group metals are exposed to risks of power outages, construction halts, decarbonisation drive and monetary controls in China. However, the impact on prices of some of these metals is likely to be delayed due to pending order backlogs.
Sucden forecasts copper prices to trade between $8,500 and $9,500 per metric ton (mt) in the fourth quarter. The softening of prices is mainly on account of anticipated surge in mine supply from South American countries, especially Peru. This is despite supply disruptions from BHP’s Cerro Colorado copper mine in Chile.
Sucden shared bullish outlook on aluminium prices, with prices expected to range between $2,800 and $3,000 per mt in Q4. The nickel prices are expected to trade in the range $17,000-$19,300 per mt in Q4. Also, it predicted trading ranges for platinum and palladium at $1,760-$2,130/oz and $840-$1,030/oz, respectively.
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