ASX copper shares are having a mixed day on the market today. Copper prices fell overnight, however Morgan Stanley has also improved its outlook on copper.
Copper miners on the ASX include OZ Minerals Limited (ASX: OZL), Sandfire Resources Ltd (ASX: SFR) and Copper Mounting Mining Corporation (ASX: C6C).
Other copper explorers include Chalice Mining Ltd (ASX: CHN), BHP Group Ltd (ASX: BHP) and Hot Chili Ltd (ASX: HCH)
Let's take a look at what's impacting ASX copper shares today.
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Improved copper outlook
Morgan Stanley has improved its copper price prediction for the long term, The Australian reported today.
The broker has lifted its long-term copper outlook by 15% to US$7,540, according to the publication. Analysts said:
Our new bottom-up modelling suggests 2030 copper and aluminium demand could be 24 per cent and 26 per cent higher than current levels.
However, with investment in new supply lagging, we see larger deficits ahead, driving stronger medium-term prices.
Sandfire Resources shares are climbing 0.48% today, while BHP shares are lifting 1% and Chalice Mining shares are rising 0.47%.
However, Copper Mounting Mining shares are falling nearly 4%, while Hot Chili shares are down 3%. The OZ Minerals share price is 0.02% in the red at the time of writing.
Copper prices fell nearly 1% to US$7,803 per tonne overnight amid concerns inflation could drive up the US dollar, impacting commodities. WisdomTree analyst Nitesh Shah, in comments cited by mining.com, said:
If the US is raising rates faster than other countries, that will exert upward dollar pressure and all commodities priced in dollars will take a hit
