The Globe and Mail reports in its Tuesday, July 30, edition that many funds have cut their long positions in the copper market due to growing inventories and reevaluation of the market's short-term prospects. A Reuters dispatch to The Globe reports that the bull narrative was spiced with concern that supply simply would no keep up, creating potentially explosive higher prices. The reality has turned out to be slightly different. Analysts at Citi think "copper prices will struggle for direction in the weeks ahead." Citi, however, forecasts prices to rise to $9,500 a tonne within three months and to touch $11,000 early next year (all figures U.S.). It is not alone. The median forecast of the latest Reuters quarterly poll of analysts was for the cash LME price to recover from $9,737.50 in the third quarter to $10,000 in the fourth quarter. The lowest forecast for the current quarter was $9,200 and that for the next quarter was $9,000. The price is already there. Analysts evidently are not looking for much more downside with a solid consensus that the bull rally will resume after the summertime blues. Just as long as not too much more Chinese metal turns up in LME warehouses over the next couple of months.