Copper may rise 15 % by year end
According to Bloomberg the price of copper may rise 15% by the end of the year as China buys more of the metal and mine supply is constrained.
Macquarie analysts said that copper may cost USD 3.20 per pound in the last quarter of 2009 up from an earlier forecast of USD 1.70 per pound. It may average USD 3.20 per pound 2010 up from an earlier forecast of USD 2.50.
Macquarie said that demand from China, the biggest user increased after the government pledged CNY 4 trillion to stimulate the economy and banks made loans of a record USD 1.1 trillion. There may be a small global deficit of copper next year increasing in 2011.
The price of copper, used to manufacture pipes and wires has gone up 93% to USD 2.78 per pound this year.
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