LME Copper prices to average $8,500/ton in 2013: Natixis
LONDON (Scrap Monster): LME Copper prices expected to average $8,500 per ton in 2013, said Paris based commodity broker Natixis in a quarterly metals review.
According to the French bank, supported by a significant market deficit, copper prices have been better supported than other base metals throughout 2012.
At their weakest point, copper prices hit a low of $7,251/ton, but thanks to the concerted efforts of both the Fed and ECB, copper prices rebounded during September to a high of $8,400/ton.
As miners continue to struggle with a range of new copper projects, we expect the market to remain in deficit through much of 2013, although prices will struggle to push up to 2011 highs as China shifts from restocking to destocking and anticipates the imminent expansion of new projects such as Turquoise Hill, Natixs concluded.
As of Thursday 09:17 am GMT, Benchmark copper on the London Metal Exchange (LME) shook off losses from the previous session to rise to $8,318 a tons, up 0.3% from Wednesday's close of $8,290.
Global copper prices advanced slightly on Thursday mainly due to a stronger euro on expectations Spain would seek a bailout to rescue its economy, although gains were capped by uncertainty about global growth while trading volumes were low as China remained on holiday.
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