Copper May be in 550,000 Ton Deficit in 2011 on Low Stocks, Macquarie Says-Shanghai Metals Market

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Copper May be in 550,000 Ton Deficit in 2011 on Low Stocks, Macquarie Says

Industry News 01:43:51PM Dec 27, 2010 Source:SMM

Dec 27 (Bloomberg) --  The global copper market is estimated to have a 550,000-metric ton deficit next year as falling stockpiles push prices to $5 a pound, Macquarie Bank Ltd. said in a research report today.

The forecast was based on an assumption of 4 percent mine supply disruption, or 720,000 tons, with global stocks falling to below three weeks of world consumption, according to the report. It also excluded material that may be held by exchange- traded products launched by BlackRock Inc. and JPMorgan Chase & Co., it said.

The final 2011 copper deficit could be bigger as the bank believes the Securities and Exchange Commission will approve the introduction of the ETF products, said Macquarie. 
      

 

Key Words:  consumption   copper Cu  demand   inventory  

Copper May be in 550,000 Ton Deficit in 2011 on Low Stocks, Macquarie Says

Industry News 01:43:51PM Dec 27, 2010 Source:SMM

Dec 27 (Bloomberg) --  The global copper market is estimated to have a 550,000-metric ton deficit next year as falling stockpiles push prices to $5 a pound, Macquarie Bank Ltd. said in a research report today.

The forecast was based on an assumption of 4 percent mine supply disruption, or 720,000 tons, with global stocks falling to below three weeks of world consumption, according to the report. It also excluded material that may be held by exchange- traded products launched by BlackRock Inc. and JPMorgan Chase & Co., it said.

The final 2011 copper deficit could be bigger as the bank believes the Securities and Exchange Commission will approve the introduction of the ETF products, said Macquarie. 
      

 

Key Words:  consumption   copper Cu  demand   inventory