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Copper May `Spike' to $12,000 a Ton in 2007, Credit Suisse Says
By Simon Casey
bloomberg.com
Nov. 2 (Bloomberg) -- Copper may ``spike'' to a record $12,000 a metric ton next year, said Credit Suisse Group, which correctly forecast in 2005 that prices would rise to $8,000.
Labor disputes and other disruptions at mines may curb supply next year, said Credit Suisse analysts led by Jeremy Gray in London. Strikes, a rockfall and lower-than-expected mine recoveries have lost 476,000 tons of production so far in 2006, Gray said in an e-mailed report today.
``One of the themes that has dogged the industry for four years is supply disruptions,'' Gray said. ``Going into 2007, we believe there is another 642,000 tons at risk.''
Copper for delivery in three months on the London Metal Exchange rose $60, or 0.8 percent, to $7,210 a ton as of 10:12 a.m. in London. It traded in May 11 at a record $8,800.
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