JPMorgan lowers 2016 average forecast to $31.50 from $48.88
The forecast cut from JPMorgan still doesn't match the spot price but it's the lowest from the major Wall Street banks.
"The rapid drop in prices since the start of the year arguably reflects the deterioration in fundamentals, but also a growing consensus that focuses on rising stress with regards to Chinese currency policy," the J.P. Morgan analysts said in the note.
"However, if these concerns were to become a reality, then [...] there exist further substantial downside to risk markets if China achieves an unprecedented slowdown in industrial production growth."
Via Marketwatch:
