Copper Likely To Outperform Other Base Metals This Year -ANZ Strategist-Shanghai Metals Market

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Copper Likely To Outperform Other Base Metals This Year -ANZ Strategist

Industry News 05:15:40PM May 04, 2012 Source:SMM

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.
 

Copper Likely To Outperform Other Base Metals This Year -ANZ Strategist

Industry News 05:15:40PM May 04, 2012 Source:SMM

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.