Friday, September 09, 2011 10:02:10 AM
Copper supplies are getting tighter on higher Chinese imports and copper mine strikes around the world. Decreased availability of high quality ore is also expected to support copper prices.
“Copper is getting tighter and tighter due to supply problems. Not only strikes but also lower ore grades are cutting production, especially in Chile and Peru” said Commerzbank analyst Daniel Briesemann, Reuters reported.
-Data showed that China’s copper imports rose by 8.8% in July. And imports are expected to rise further after the inventories are tapped into and China starts restocking.
-The Copper mine strike at Escondida had caused a 14% in copper production. Possibilities of more strikes around the world especially in Chile (Collahuasi) and Indonesia remain very high.
-Peru’s government is considering increasing mining royalties. This would discourage new investments in this area.
“Recent economic data suggests that global growth could stabilize. Moreover China is starting to import more again. This should Lead to further price gains”, said a Credit Suisse note.
At the London Metal Exchange (LME), copper prices have traded in a range of around $10000 to $8500 for 2011. – Source: http://www.commodityonline.com/
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