We continue to expect copper prices to fall sharply this year as the boost from stockpiling fades, the recovery in final demand disappoints, the US dollar recovers more ground and commodity prices generally (notably oil) drop further. Our initial target is $5,000/mt, but over the medium to longer term the reduced copper-intensity of economic activity (even in China) could see copper prices back in the range of $3,000-4,000/mt.
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