Copper rally overdone, says Emirates NBD

Dubai:

The rally in copper prices appears “a little overdone,” according to Emirates NBD.

“We expect prices will begin to weaken later on this year as the impact of new supply from Democratic Republic of Congo and Peru becomes apparent,” Emirates NBD said in a note.

The bank expects LME copper to average at around $5,600 (Dh20,569) per tonne for 2017 and $5,750 per tonne in 2018.