Filed under: Forecasts, Industry, China, Commodities
The world is screaming for copper. Demand from China, the U.S. and Europe is pushing prices to all-time highs. London copper traded at $10,000 a metric ton. On the New York Mercantile Exchange, copper hit $.4.58 a pound, as reported in the Wall Street Journal.
Traders are looking for “five dollar copper,” which would push London’s price to $11,000 per metric ton. Goldman Sachs (GS) forecasts that copper will average $10,230 a metric ton in 2011, up 15%. It warned that new mine capacity will not come to market for at least two years.
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Copper Sets Record $10,000 a Metric Ton originally appeared on BloggingStocks on Thu, 03 Feb 2011 12:30:00 EST. Please see our terms for use of feeds.
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