Copper on track for third monthly gain as Deutsche Bank eyes $22,000
Copper is set for a third straight monthly gain after September's record, supported by tight supply and Chinese demand, while Deutsche Bank forecasts a rise above $22,000 a tonne.
Copper remains on track for a third consecutive monthly gain after setting a record $14,875 in September. The metal is being supported by tight physical markets and robust Chinese demand, which have kept the supply-demand balance favorable for higher prices.
Deutsche Bank expects further upside, projecting copper will rise above $22,000 a tonne within six months as supplies tighten. That forecast implies another leg up and reflects growing confidence in the demand story.
Source: First Squawk