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Copper Surplus to Shrink on Lack of Scrap, Bank of America Says

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Copper Rallies in London, Shanghai After U.S. Equities Climb

LONDON, Aug. 24 -- A copper surplus will shrink next year because of a lack of scrap supplies, according to Bank of America Securities-Merrill Lynch.
&nbsp;&nbsp;&nbsp; Supplies will exceed demand by 54,000 metric tons next year compared with a surplus of 393,000 tons this year, analyst Michael Widmer in London said in a report today. Copper for immediate delivery will average $4,730 a ton this year and $7,000 next year, according to the report. The metal was at $6,135 a ton by 1:30 p.m. on the London Metal Exchange.
&nbsp;&nbsp;&nbsp; &quot;The dynamics in the scrap market are one driver behind our expectation of a declining surplus in the refined copper market in 2010,&quot; Widmer said. &quot;Tight scrap supplies are set to limit the scope for a large rise in refined output.&quot;
&nbsp;&nbsp;&nbsp; About 40 percent of copper metal comes from recycled materials because it&rsquo;s cheaper to re-use metal than dig ore out of mines, according to the Bureau of International Recycling.
&nbsp;&nbsp;&nbsp; The slump in global manufacturing amid the worst global recession since World War II has reduced supplies of scrap from plants and factories, Widmer said.
&nbsp;&nbsp;&nbsp; Copper prices have doubled this year as imports climbed in China, the world's largest copper user. Imports were a record 378,943 tons in June, according to the customs office. Some scrap buyers in China were forced to buy refined metal instead and may have to purchase more, Widmer said.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg) 
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Copper Surplus to Shrink on Lack of Scrap, Bank of America Says | Shanghai Non ferrous Metals

Copper Surplus to Shrink on Lack of Scrap, Bank of America Says

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