Author: Paul Ploumis16 Oct 2014 Last updated at 08:00:29 GMT
CANBERRA (Scrap Monster): The current price of copper, which is used in the production of wire, utensils and many more commodities are currently at 6780 dollars per tonne and 3,11 dollars per pound. For the past four years, the price of copper has been at its lowest after the hike of the price at February 2011 to 10,160 dollars per tonne.
Daniel Morgan, an analyst at USB commodities, stated that, a growth in supply could give a set back to the expected price of copper, it is also anticipated that the supply of copper in the next coming 8 to 12 months would be sturdy and rough. The supply from South Africa as well as the supply from South America may prove to be disappointing for so many reasons.
There are few new copper mines that have been budded out in South America, but they still have work to do regarding the increase in production as well as the improvement in the grade of copper, stated the analyst. The copper producer who is in the first place for the largest amount of copper produced is Chile followed by the US, Peru, China and then Australia.
The analyst also added that, he is not expecting any kind of tremendous growth in the price of copper on the coming, other than a rise of 3 dollars, but it is anticipated that, copper doesn’t decline like the other metals in the market.