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International copper prices rose more than 3% last week, not high price of copper is expected

    Last week, positive economic data in the United States and the dollar index falling, driven by commodity markets rose, of which crude oil prices climbed to $ 112 / barrel above the London Metal Exchange (LME) 3 month copper (71660, swing chain -20.00, -0.03%) on Thursday to close at $ 9,700 / ton (closed on Friday), the cumulative increase of up to 3.14% a week.

    In the past two months, particularly the international price of copper trend repeated in 9000 to 10,000 U.S. dollars / ton repeated shocks, after the sharp rebound last week after copper prices once again close to the shock range limit.

    Expectations are not high on the copper sector.

    For copper the late trend among institutions are not very optimistic. World Bureau of Metal Statistics (WBMS) data released last week show that the global copper market from 1 February the amount of excess supply of 11.8 million tons,iron chain while the year 2010 the amount of excess supply has only 3.2 million tons. Commodity brokerage firm Sucden Finance Corporation report issued last week said in a high level of copper stocks will be limited so that the second quarter, copper prices rose, the price will be between 8,800 ~ $ 9,700 shocks. As of last Thursday, LME copper inventory of up to 456,000 tons from the record high of only about 10 million tons of gap.

    Phillip Capital Group (China) Fan, senior fellow and that the global copper market demand growth is much higher than supply growth will be supported by high copper status. But at the same time, non-ferrous metal copper as the leading varieties, and its operating conditions in the financial market impact is relatively large.

    Fan, and that, in a combination of these two factors under the copper is likely to remain high and volatile long time trend.

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