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spot cu still at $3000/t

  1. dartboard

    3,222 Posts.

    NEW YORK, March 23 (Reuters) - Phelps Dodge Corp. (PD) , the world's largest publicly traded copper producer, said Tuesday it expects the world copper market will hit a deficit of about 500,000 tonnes by the end of 2004 due to still-strong Chinese demand and an improving global economy.

    Phelps Dodge executives said in a presentation to analysts that the current supply shortfall also is "very notable," with availability representing just two weeks of consumption.

    Below five weeks of supply is considered an extremely tight copper market, said Art Miele, senior vice president of marketing for Phoenix-based Phelps Dodge.

    He forecast that the copper market's available supply in the first half would stay below five weeks of consumption.

    "The first quarter is proving to be stronger than we had anticipated," Miele said. "We're seeing global economic recovery and we think it's sustainable."

    LME exchange stocks now 215kt. At current average of 4500t/d removal that is seven weeks supply left.

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