Citigroup sees $9,000/mt copper in 2011

摘要

Citigroup Global Markets said it expects copper prices tonbe in the mid $8,000/mt range over the coming fewnmonths and exceed $9,000/mt next year. A Citigroupnreport noted that the recent favorable supply/demandnfundamentals and a sharp decline in the US dollar havenhelped “spur fresh fund inflows into the market.” It added:n“Exchange warehouse stocks of copper continued to fall innSeptember, and growing expectations of furthernquantitative easing measures by the US Fed (and otherncentral banks) have fired up the market.” Citigroup pointednout that copper demand “appears to have been quitenstrong during the Northern Hemisphere summer,” includingnin Europe, where it noted that Aurubis, Europe’s largestncopper producer, said it was considering adding extranshifts to meet continuing high demand.