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Copper prices are expected to rebound
further in the coming months after being hit hard as China unleashes more infrastructure spending and other economic stimulus measures, Reuters polls showed.
News of more infrastructure projects and support for China's property market drove copper prices
this week.
Copper prices in New York's Comex market rose 2.
9 percent to $
3.
58 a tonne in early trading on Friday.
"Industrial metals prices may have been lower than expected as market sentiment shifted sharply from extremely bullish to bearish," Julius Baer analyst Carsten Menke said
.
"While China's lockdown may still have an impact, we believe the worst of China's economic growth is over
.
"
Analysts anticipating a easing of supply tensions have cut their estimate for a global supply shortage this year to 30,000 tonnes, less than a third
of the 110,000 tonnes forecast in the April survey.
Copper prices are expected to rebound
further in the coming months after being hit hard as China unleashes more infrastructure spending and other economic stimulus measures, Reuters polls showed.
News of more infrastructure projects and support for China's property market drove copper prices
this week.
Copper prices in New York's Comex market rose 2.
9 percent to $
3.
58 a tonne in early trading on Friday.
"Industrial metals prices may have been lower than expected as market sentiment shifted sharply from extremely bullish to bearish," Julius Baer analyst Carsten Menke said
.
"While China's lockdown may still have an impact, we believe the worst of China's economic growth is over
.
"
Analysts anticipating a easing of supply tensions have cut their estimate for a global supply shortage this year to 30,000 tonnes, less than a third
of the 110,000 tonnes forecast in the April survey.
