The weak spot in China’s property market — a key pillar for copper consumption — “is at present dominating,” stated Currie, chief technique officer of Carlyle Group’s Vitality Pathways, throughout a Bloomberg TV interview.
Copper “nonetheless has a ground based mostly upon that robust structural provide story, but it surely has a cap on the upside based mostly upon that weak spot in demand,” he stated within the Tuesday interview. “I’d say $8,500 on the underside, $9,500 on the highest till we begin to see the coverage start to create some power in China.”
Whereas at Goldman Sachs Group Inc., Currie and fellow market analyst Nicholas Snowdon predicted that copper would attain $15,000 a ton by 2025. Currie joined Carlyle in February.
Copper’s rally earlier this 12 months was largely pushed by hedge funds’ bullish bets amid provide disruptions and sturdy demand from energy-transition-related themes together with synthetic intelligence and information facilities.
(By Yvonne Yue Li, Alix Metal and Romaine Bostick)
Learn Extra: Goldman cuts copper value forecast by $5,000 as bullish wager closed