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Premier eFinance: Copper price to climb until year end as deficit widens.
Even with copper prices currently moving downward the potential for the market to climb to new highs still surrounds the metal.
By: Premier eFinance
Copper is indisputably the bellwether of base metals and one of the strongest in the pack with a considerable deficit, Premier eFinance data shows. This makes it a formidable candidate to attract possible buying interest as the commodities market comes out of the temporary lull period it has recently been in.
China is reported to have destocked by the end of 2010 and during the first quarter of 2011, followed by reduced imports of the metal. This may well bring the Chinese back into the market by the fourth quarter of 2011 aiming to restock, which will certainly lift the market. China is responsible for around 40% of the total global consumption.
Barclays Capital analyst Nicholas Snowdon recently informed Premier eFinance that he predicts that the copper price will reach a record $12,000 a metric ton by year end as China’s imports rebound.
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