RBC Capital Markets has downgraded its outlook for the copper mining sector, citing the prolonged impact of the conflict involving Iran on global commodity markets. The bank lowered its copper price forecast to $4.20 per pound, reflecting a more cautious stance on industrial metals. Analysts noted that the "buy the dip" strategy, which previously supported prices, is nearing exhaustion in the absence of a clear ceasefire. This reassessment comes as the war continues to reshape global demand and supply dynamics for essential commodities. Consequently, four major mining firms have seen their ratings cut as the bank anticipates further price volatility. The move signals a shift toward a more bearish sentiment for the sector in the near term due to heightened geopolitical risks.
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