The Industrial and Commercial Bank of China (ICBC) has revised its base metals price forecasts lower across the board for 2019 in its latest base metals outlook report, specifying global recession fears and a rising macro-financial tide in its adjustments.
While the bank highlighted that a bounce in fundamental price indicators could improve price sentiment, ICBC has revised down its three-month London Metal Exchange aluminium price forecast over the year by 12%, capping the light metal at $1,978 per tonne in 2019, from an estimate of $2,250 per tonne previously. The bank says aluminium's three-month price could exceed $2,000 per tonne, but not until 2020. Nickel futures have been adjusted to a 2019 price forecast of $13,500 per tonne, down 9.6% from previous...