Resource News
Copper outlook bright amid tight supply and growing demand from China
By resourceINTEL · March 31, 2010 · 8:53 am · Leave a Comment
THE outlook for copper is strong amid tight supply and growing demand from China and India, OZ Minerals says.
Copper prices for three-month delivery rose to a 19-month high on the London Metal Exchange at $US7849 a tonne, amid expectations of a sustainable global economic recovery. The recent rise in copper prices was triggered by the earthquake in Chile on February 27 that resulted in the temporary suspension of production at key copper minesthere. The metal was about $US7330 a tonne when the earthquake struck.
OZ Minerals chairman-elect Neil Hamilton said in the company’s annual report that: “Demand from China and also India continues to grow and, in the medium term, the outlook for the market looks very strong.”…read more at The Australian
