SINGAPORE, May 03, 2012 (Dow Jones) -- Copper will likely be the strongest performer in the base metals complex this year, Nick Trevethan, senior commodities strategist at ANZ research, said Friday.
Trevethan tipped London copper to reach $9,040 a metric ton by year-end.
Benchmark three-month copper was trading at $8,255/ton at 0336 GMT.
The recent stock buildup in China is mostly due a stock draw from London, reflecting a relocation of stocks rather than weakening Chinese demand, he said on the sidelines of the LME Asia Metals Seminar.
"We remain positive about the supply-demand dynamics of the copper market," he said.