Thursday, June 23, 2005
Copper Declines in New York on Expectations of Rising Supply
Well, we haven't seen any evidence of this so far, but we are only occasional buyers of copper, so we may have missed it ...
Bloomberg.com: Latin America
Copper prices fell in New York for the second time in three days amid expectations that mining companies are boosting production as demand for the metal declines.
Global demand for copper fell 5.5 percent in the first quarter from a year ago, the International Copper Study Group said this month. Copper smelting capacity in China, the world's biggest consumer of the metal, may double in the coming years, a government agency in China said today.
``We are moving into a significant surplus as demand is slowing and supply rising,'' said James Gutman, a London-based metals analyst at Goldman Sachs Group Inc. Prices may fall 26 percent by the end of the year, Gutman forecast.
Bloomberg.com: Latin America
Copper prices fell in New York for the second time in three days amid expectations that mining companies are boosting production as demand for the metal declines.
Global demand for copper fell 5.5 percent in the first quarter from a year ago, the International Copper Study Group said this month. Copper smelting capacity in China, the world's biggest consumer of the metal, may double in the coming years, a government agency in China said today.
``We are moving into a significant surplus as demand is slowing and supply rising,'' said James Gutman, a London-based metals analyst at Goldman Sachs Group Inc. Prices may fall 26 percent by the end of the year, Gutman forecast.
Labels: Copper
