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Stock hangover to dampen any recovery in prices

Downward revisions to our demand forecasts mean that we now expect all base metal markets to be oversupplied in H1 2020. Lower output should, at best, prevent these surpluses from growing too large. Therefore, inventories built up over the next few months will limit any rise in prices by end-2020 even if demand starts to recover in the second half of the year.

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