Good news for red base metal

摘要

Macquarie Research is confident the copper price will go over 3,290 US dollars/tonne over the next two months. In its Commodities Comment issued at the end of January (when the price was sitting at 3,265 US dollars/t), analysts Jim Lennon and Adam Rowley said the copper market was showing signs of renewed tightness despite a general lack of buying interest from China ahead of the Chinese New Year holiday. Even though 2004 was over, Macquarie said, there was still debate over the true picture of last year's Chinese copper supply and demand situation. Refined copper production was up strongly compared with 2003, but this increase was virtually offset by a sharp fall in net imports of refined metal.