Aurubis: Copper Mkt Focused On Demand Outlook, China To Lead
LONDON, Oct 20, 2009 (Dow Jones Commodities News via Comtex) --
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The copper market is focused on the demand side with indications that the drop in demand has bottomed, Europe's largest copper producer Aurubis AG (NDA.XE) said Tuesday.
The focus on demands comes despite threats of strikes at copper mines, particularly in South America, the company said.
"Almost everyone is in agreement that the strong decline in global economic activity has come to an end and is bottoming out," the company said, adding that global trade and production are still at a very low level.
The company said China and the emerging markets in general will play an important role in copper consumption as their economies will recover from the crisis more quickly.
Senior representatives of the Chinese smelter industry are no longer ruling out a rise in Chinese copper demand of up to 10% in the coming year, Aurubis said.
However, outside China the "picture is mixed," the company said.
The signs of a recovery in the U.S. economy are still limited and although industrial production there has risen for three months in succession, it is still down 6% on the year, the company said.
-By Devon Maylie, Dow Jones Newswires; +44 (0)20 7842 9483; devon.maylie@dowjones.com
(END) Dow Jones Newswires
10-20-09 0558ET |
