Author: Paul Ploumis
01 Dec 2014 Last updated at 07:18:33 GMT
WASHINGTON (Scrap Monster): By the end of last week, the commodity, joined with the slump of iron ore, which declined lower than 70 dollars per tonne. According to the latest forecasts released, the price of copper will decline by 50 dollars per tonne.
The price of Comex copper in New York has fallen to 2.85 dollars per pound, from the already marked 3 dollars per pound, which is the lowest rate made since the mid of 2010. The metal has declined 6 percent in just one week, and is the lowest marked since the December of 2011.
It is really a surprise to see copper performing so poorly, with the investments on the commodity being at 10 year low, and together with that, the massive strikes in the Peruvian mine, Antamina, is also affecting the perception of the metal.
There are less chances that the forecast for the commodity would be any better by the end of this year or on the coming years.
According to the reports published by, IBIS World re-search, the industrial revenue of the metal is predicted to be increased at an annual rate of 1.5 percent, in the next coming five years, which is anticipated to be, 7.1 billion in 2019- 2020.