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Minggu, 14 Agustus 2011

2011 copper demand will grow 3.6%: CRU - CommodityOnline

LONDON (Commodity Online): Even though problems with the US economy and Euro zone will persist, Copper demand is unlikely to fall this year, Jon Barnes, principal consultant at UK’s CRU group said.

CRU expects copper demand to rise 3.6% at 19.2 million tonnes this year.

Copper at the London Metal Exchange (LME) had crashed this week to a low of $8446.25 amidst fear of a global slowdown.

"It's difficult to say what the last few days will mean for copper demand. In all probability we will reduce our forecast for demand growth, but that is more because in certain situations it's instinctively easier for consumers to postpone making decisions. It's easier just to do nothing." Barnes said as per a Reuters report.

"Copper is now cheaper than it was, that's not a bad thing for consumers. Producers and consumers alike don't like volatility; they will want to see some stabilisation in prices. Nobody is going to be buying anything while the price is so volatile" the analyst said.

He went on to add that China’s demand growth may not meet some expectation.

CRU services metal producers, consumers, governments and financial institutions.

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