Australia | Metals & Mining Equity Research Solid base, deeper conviction We have raised our base metals price forecasts as the market increasingly shifts from the supply-driven rally of recent years to one underpinned by strengthening demand. Our revised copper price forecast sits materially above VAe, reflecting a combination of improving demand dynamics and ongoing supply-side tightness. Albeit in a global copper constrained growth environment, higher costs will offset some of this. Our base picks are: R ...