SINGAPORE, Mar 28, 2012 (Dow Jones) -- Spot copper prices may remain in the $8,000 per metric ton to $9,000/ton range at least until September, Chairman and Managing Director of India's Hindustan Copper Ltd. (513599.BY), Shakeel Ahmed said Wednesday.
Even though prices have come off the record highs of more than $10,000/ton seen in February 2011, the market will likely be supported at current levels, he said on the sidelines of Asia Mining Congress 2012.
At 0820 GMT, London Metal Exchange three-month copper was trading around $8,461/ton, down $73.75 from Tuesday's close.
Supply shortages caused by natural calamities and labor unrest in some mines will support prices in the short to medium term, he said.
Hindustan Copper is upbeat about the copper sector and plans to quadruple its mining capacity to about 12.4 million metric tons a year by 2017, he said.
The company is also seeking overseas acquisitions of assets including gold, copper and precious and base metals mines.
Potential copper assets should be ones that can produce 10-15 million tons of copper a year over a 10-year horizon .