copper prices going off in china

  1. 708 Posts.
    Supply cutbacks bolster China copper futures
    10 January 2003

    COPPER futures have jumped sharply in China on fears of a supply shortage in that country caused by producer cutbacks in South America.

    The price rise on the Shanghai copper futures market has been much greater than price movements on the London Metal Exchange.

    On Thursday the Shanghai spot January copper price hit US$2028 a tonne compared with London's price of US$1650.

    A metal industry official in Japan said he had "nothing left to sell", predicting that the market tightness in China was getting worse day-by-day.

    And this:

    Copper seen higher in 2003
    10 January 2003

    HIGHER copper prices are on their way for 2003, according to forecasts from the world's top copper producing country, Chile.

    The state-run Chilean Copper Commission (Cochilco) said copper would average between US74c and US78c this year, up modestly on the 2002 price of between US65c and US76c.

    Underpinning the rising price outlook is an expectation that demand will outstrip supply, largely because of producer cutbacks.

    The International Copper Study Group is predicting copper output in 2003 will rise by 2.6% to 15.07 million tonnes while consumption is expected to rise by 3.7%.


    Needless to say, I'm very bullish on copper. J.
 
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