首页|Copper stock levels high, prices not jumping until second half
Copper stock levels high, prices not jumping until second half
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NSTL
Increased demand from the economic recovery in North America has pushed the price of copper higher, but high levels of copper stock remain and will keep prices from making significant gains until the second half of the year, sources say. "The fundamentals are there for price to rise," said Kenrick Jordan, senior economist with the Bank of Montreal's Economic Research and Analysis Division. However, while the price of copper was up moderately in the first quarter, Jordan felt that the large amount of copper stocks in storage was affecting the upward mobility of price. He noted that over the last year, copper stocks have remained fairly high due to the economic downturn and the relative low price of copper. As a result, "…prices will be muted in the short term."Jordan does predict though that prices will prick up in the second half of the year as the economic recovery takes hold in Canada and the U.S. Production is also down due to the economic slowdown, with cutbacks due to the low price of copper. Jordan said that most of the recent product produced went straight into storage. Even with demand picking up, he believed that stockpiles would not erode fast enough to drive prices significantly higher.
NSTL
