Copper prices may hit USD 10,000 a tonne by year-end - Expert
According to an industry expert, copper prices in the global market are likely to witness an exponential rise and may even hit the USD 10,000 a tonne mark by the end of this year. However, after a brief boom the prices are expected to decline and may even plunge below the USD 2,000 a tonne level by 2017.
Mr Simon Hunt, global copper analyst and economist, said that “Copper prices will stabilise in Q2 of 2015 and from third quarter onwards price will begin to rise exponentially and may even touch USD 10,000 a tonne by end of 2015 and early 2016, before it begins its downward journey.”
Speaking at the MCC Chamber of Commerce and Industry he predicted that copper prices may slump even below USD 2,000 a tonne by 2017.
Asked about behaviour of other metals, Hunt said that all other metals will have similar fate, may be in different degrees, except gold.
Copper prices had been easing and saw sharp decline and are hovering around USD 5,000 to 5,500 a tonne. According to reports, although the global copper market is in a glut, the surplus outlook for this year is substantially reduced from 400,000 tonne to 100,000 tonne.