Copper Prices Higher on Supply Concerns

Dow Jones Business News reported that copper prices are on the rise on the back of forecasts for a tighter market.
As quoted in the publication:

Copper for December delivery, the most actively traded contract, was recently up 1.7% at $2.3950 a pound, the highest price since Sept. 21.
The global copper market will be tighter than previously forecast this year thanks to production cuts in mines around the world, the International Copper Study Group, or ICSG, said at the conclusion of its Oct. 6 meeting. Supply and demand will likely be balanced this year, the Institute said in a press release, revising a previous forecast of 360,000 ton surplus. Next year will see a deficit of 130,000 tons, compared with prior expectations of a 230,000 ton supply glut.

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