londonbengaluru jan 28 reuters  copper prices are set to languish this year weighed down by weaker demand as rising interest rates curb economic growth while mines churn out more supply benchmark copper hit a record peak at 1074750 a tonne in may last year boosted by pentup demand as growth accelerated when pandemic lockdowns were eased and the market faced tight supplies and sliding inventories but copper has remained relatively static since then partly owing to slower growth in top consumer china the return of supply predominantly from south america will weigh heavily on copper prices in 2022 said caroline bain at capital economics the cash copper contract on the london metal exchange lme is expected to average 9370 a tonne in 2022 a median forecast of 25 analysts showed 47 lower than thursdays closing price we expect the major bear factor for coppers price in 2022 to be the us fed adjusting monetary policy said liberum analyst tom price analysts expect a copper market deficit of 37000 tonnes this year and a surplus of 286000 tonnes in 2023 compared with an 82000 tonne surplus forecast for 2022 in the october poll the top performing base metal on the lme so far this year is aluminium it has gained 10 after touching 13year highs in 2021 largely thanks to production curtailments in china and europe because of power issues analysts expect an aluminium market deficit of 609000 tonnes this year up from the 396000 tonne deficit forecast in octobers poll we expect power supply issues in china to continue through the winter heating season but wetter weather from the second quarter should help to ease the power shortages berenbergs richard hatch said most analysts however believe that much of the tightness is already reflected in the price forecasting lme cash aluminium to average 2780 a tonne in 2022 down 108 from the current price nickel prices soared to more than 24000 a tonne this month the highest for more than a decade on booming demand for electric vehicles and sliding inventories but analysts expect lme cash nickel to average 19921 a tonne this year 126 lower than the latest close we could see softer stainless demand later in the first quarter due to production reductions in china through the olympics said tyler broda at rbc capital markets prices could also be pressured by rising supplies from top producer indonesia the global nickel market is forecast to be in deficit to the tune of 17000 tonnes in 2022 shifting to a surplus of 34000 tonnes next year reporting by eric onstad and seher dareen editing by pratima desai and david goodman