Copper prices have raced to eight-year highs as global economic recovery fuels demand for the metal. Other metals were also at new records, with tin at an 8-1/4 year peak, zinc at 3-1/4 year highs, and aluminum at new 4-year peaks.
The price spurt has been driven by China's seemingly insatiable demand for raw materials, which has led to supplies falling to dangerously low levels. In the past 15 months, China has emerged as the world's largest consumer of copper.
Global inventories have halved since late 2002, to less than 900,000 tonnes.
Prices have also been underpinned by production problems at the world's biggest copper mine, Grasberg in Indonesia, and at Escondida in Chile, the world's second biggest copper mine.
Against this backdrop, analysts are forecasting copper prices to scale greater heights by the end of June. Michael Lewis, head of commodities research at Deutsche Bank, said: "It appears increasingly probable that the price highs of $3,100 a tonne set in 1995 will be exceeded." The fall in the US dollar to long-term lows against other leading currencies has also helped to propel copper and other commodity prices higher. (People's Daily)
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