Copper Seen Rising 18% on Biggest Mine Shortages Since 2004

Copper’s worst start in a decade may extend into this quarter as stockpiles expand, Chinese imports plunge and Japan reels from its nuclear disaster, before rebounding to a record when shortages take hold.

The metal may drop as low as $8,500 a metric ton, or 8.9 percent from today’s $9,330 close, before rebounding to $11,000 by Dec. 31, 18 percent more than now, according to the median estimates in a Bloomberg survey of 24 analysts and traders. The shortages will be the biggest since 2004, when prices jumped 37 percent, the survey showed.