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Analysts disappointed prospects of copper quotes

3 May 2013

Analysts of the global market of non-ferrous metals are predicting a further decline in the copper price. Another confirmation of radical pessimism among operators of the sector served as an updated forecast of experts of Canadian company «Macquarie Private Wealth», which lowered the index of expected average red metal price in the second quarter of 2013 to the level of 7.2 thousand. Dollars per ton, up 13.3% less than the numbers that are in the MPW voiced before.

The forecast for the whole of the current year by Canadian analysts also been adjusting downward, but experts here «Macquarie Private Wealth» were more restrained. «We believe that in light of the events that the metallurgical industry is experiencing today, our previous forecast had lost its relevance. According to our experts, have revised their previous assumptions about the metal quotations, the average copper price in 2013 will be close to the level of $ 7459 per ton, «- describes the prospects for the representatives of» Macquarie «. «This is by 5.2% less than our old forecast» — emphasize the Canadian experts.

In its detailed comments on the projected MPW experts noted that the upcoming months for non-ferrous metals trade sector are less promising than the beginning of the year (for the period, as a rule, characterized by weaker demand for copper and the traditional increase in inventories of the metal in the marketplace). Also, not the best way to balance supply \ copper consumption affected unconfirmed expectations regarding the dynamics of the recovery of the Chinese economy. «These factors complicate the already difficult situation of copper prices and hinder more or less accurate prediction of the prospects. But, in our view, expectations of positive changes in the quotes of red metal on the commodities exchanges in the near future unlikely to come true «- experts express their point of» Macquarie view. «

The last 10 days, the price of copper on the London Stock Exchange Non-Ferrous Metals ranged between 6761 (at least over the last 34 months) and 7147 USD per tonne. Thursday morning, 02.05. 2013, the metal traded in the US on the LME price of $ 6812. Per 1000 kilograms.

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