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Peru's Southern Copper Sees Strong Prices in 2010

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LIMA, Feb 2 (Reuters) - Southern Copper Corp, one of the world's largest copper producers, said on Tuesday it sees average copper prices at $3.25 per pound in 2010, as it expects emerging and developed economies to boost demand of the metal.
Copper, which is used in construction, rose 140 percent in 2009 on strong Chinese buying and supply concerns, but fell 8.5 percent in January as rising inventories suggested demand outside China was weak.
U.S. copper futures HGHO settled up 0.2 percent on Tuesday at $3.0895 a lb in New York.
&quot;We believe that inventories of copper will start to die off during the year, reversing the last month's trend,&quot; Southern Copper's Chief Financial Officer Genaro Guerrero said on a conference call with investors.
He said he expected buying from emerging economies like China to support prices through this year, as well as rising consumption in developed countries like the United States.
Southern Copper also gave guidance for its 2010 production on the call.
It put its copper production estimate for this year at 500,000 tonnes, slightly above the 485,376 tonnes it mined this year, and its molybdenum forecast at 18,500 tonnes, in line with last year's output.
The company said it expected its zinc sales this year be around 110,000 tonnes and its silver sales to come in near 16 million ounces in 2010.
CANANEA RESTART
Southern Copper, a unit of Grupo Mexico, operates the giant Cananea mine in Mexico, which historically has produced some 20 percent of the company's copper output and has been hit by a strike for the past two years.
The company made a fresh offer to unionized workers late last month, but the union said miners would not accept it.
When asked when Southern Copper might be able to restart operations at the mine, Guerrero said he had no estimate.
The company's 2010 copper forecast does not include potential output from Cananea. 
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Peru's Southern Copper Sees Strong Prices in 2010 | SMM

Peru's Southern Copper Sees Strong Prices in 2010

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