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Copper Likely to Trade as High as $11,000 Before Year End
Mineweb reports an interview with Tom Kendall who says copper is likely to rise to $11,000 a metric ton before the end of 2011.
Tom Kendall says,
Copper actually has been trading very well since the end of June where we saw, for the first time in about six weeks or so, some reasonable size institutional money coming back into the copper market. Around that time we also saw Shanghai prices looking relatively expensive compared to LME so we saw a brief period where Chinese buyers came back into the market and that gave us a lift up from where we were trading then – about $9,000 to the $9,500 – $9,600 sort of area where we’ve been since.
