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Copper May Rise on Speculation Demand Will Gain, Survey Shows 

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Xstrata Expects China's Copper Demand to Grow as Much as 10% 

April 9 (Bloomberg) -- Copper may rise on speculation that demand from construction and manufacturing companies will strengthen in the current quarter, a survey showed.
Nine of 17 analysts, investors and traders surveyed by Bloomberg, or 53 percent, said the metal will climb next week. Eight predicted lower prices. Copper for delivery in three months on the London Metal Exchange was down 0.8 percent for this week at $7,825 a metric ton as of 1:30 p.m. yesterday.
&quot;I still think prices will head higher as we progress into the second quarter,&quot; said Randy North, a trader at RBC Capital Markets in London. Demand for the metal, used in electrical equipment and construction, tends to be strongest from April through June, he said.
A gain this quarter would mark the sixth year in a row that LME copper advanced in the second quarter. Bookings to remove metal from stockpiles tracked by the exchange surged sevenfold in the first three months of 2010, feeding speculation that demand would revive as the world economy recovers from recession.
The red bars on the attached chart are derived by subtracting bearish forecasts from bullish estimates, with readings below zero signaling the majority of respondents expect a decline. The green line shows the copper price. The survey data shown are as of March 26.
The weekly copper survey has forecast prices accurately in 39 of the past 82 weeks, or 48 percent of the time.
This week's survey results: Bullish: 9 Bearish: 8 
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Copper May Rise on Speculation Demand Will Gain, Survey Shows  | SMM

Copper May Rise on Speculation Demand Will Gain, Survey Shows

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