Copper prices could spike to at least $12,000 US aGlobal supplies of copper, a key B.C. export commodity, will remaintight and help propel prices to $12,000 US a tonne and higher into2012, and potentially beyond, experts predict.
Year after yearcopper output has fallen short of expectations due to naturaldisasters, such as earthquakes, falling ore grades, strikes and projectdelays, copper watchers say.
Analysts build productiondisruption allowances into their forecasts to account for these. Butmore often than not those figures have to be revised upwards due tounforeseen problems.
"We're looking at an implied supplydisruption this year of around 700,000 to 800,000 tonnes," said PaulDewison of Bloomsbury Mineral Economics.
Copper prices couldspike to at least $12,000 US a tonne, possibly around the middle of theyear, he said. Benchmark prices for the metal, used in power andconstruction, reached a new record of $9,878 US on Tuesday.
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