Notwithstanding an expected copper price rally during the second half of the year, a recent report by Bank of America Merrill Lynch’s (BofAML’s) global commodity research team hinted at the price of the red metal falling below this year’s estimates in 2017, citing cyclical headwinds hindering a sustained rally.
According to the group, it maintained its cautious view for 2017, with prices likely averaging $4 747/t ($2.15/lb), lower than this year’s quotations at $4 882/t ($2.21/lb).
