Bloomberg reported that Natixis Commodity Markets Ltd. projects that due to Chinese consumption and supply constraints, copper prices will average $8,250 per metric ton this year.
As quoted in the market news:
While the estimate is below its May forecast of $8,800, it’s above the metal’s average of about $8,018 so far in 2012.
“Among the base metals, copper continues to exhibit the strongest fundamentals,” Natixis said. “Despite the weak global economy, restocking in China is driving a strong increase in apparent demand. If underlying economic conditions begin to improve, a significant rally in copper prices remains a distinct possibility.”