But, looking to 2008, assuming China's overall growth continues, and the US and western economies manage to avoid a real recession, all the indications are that copper output will run into an availability deficit during the year, which will continue until late 2009. We commented here in early October that one of the most respected specialist metals consultancies thus reckoned that the copper price would reach $9,000 a tonne - $4.45 a pound - in 2009 - see "Copper to $9,000 - upside underestimated".
If the past year's patterns are to be repeated, which is likely given that overall copper stocks are low, then we would see the big pick-up starting again in the Chinese New Year in February. In the meantime though, should the Chinese hold off purchasing, we may yet see further short term falls in the price. But the overall price pattern appears distinctly bullish in the medium term. This could provide some great invest ment opportunities towards the end of the year and early next.
Lightning cracks the blackened sky,
Hear the thunder chariot ride
All brave men with hearts of war
Ride the path of mighty Thor
