Market Sentiment: Analyst Predicts Copper Has 30% Gain Left in 2011

After about 400% gains in copper since the bottom in 2009, nothing could me more surprising than analysts coming with crazy forecasts for copper, as they are doing for silver, cotton, etc. Unfortunately for Snodown of BarCap, he'll be on record with his +30% gain in 8 months forecast, on Yahoo! Breakout:

Here's the chart of copper, courtesy of Kitco:

Oh, and by the way: no, copper has not great fundamentals, no, there are no shortages of it, and no, China is not going to consume all the copper of the universe until the end of times as analysts and economists seem to believe.

No comments: