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We analyze more than 20,000 forecasts of nine metal prices at four different forecast horizons. We document that forecasts are heterogeneous and report that anti-herding appears to be a source of this heterogeneity. Forecaster anti-herding reflects strategic interactions among forecasters that foster incentives to scatter forecasts around a consensus forecast. ⺠We study the properties of forecasts of metal prices. ⺠Forecasts cover nine metal prices, four forecast horizons, and 15 years of data. ⺠We find strong evidence of forecaster anti-herding.
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