The average copper price will climb 22 percent this year, according to Standard Bank Plc.
The metal will average $9,200 a metric ton this year, Leon Westgate, a London-based analyst at Standard Bank, said in a report today. That compares with an average of about $7,557 in 2010. The price will rise to an average $10,000 in 2012, the bank said. Copper for delivery in three months fell 1 percent to $9,321 a ton today on the London Metal Exchange.
“Robust fundamentals and strong investor demand will remain key themes during 2011,” Westgate said. “This is likely to keep prices on an upward path overall, though we expect there to be steep corrections and pauses for consolidation along the way.”
Tin will average $28,000 a ton this year and $29,500 next year, the bank said. Nickel will average $23,200 a ton in 2011 and $22,000 next year, Standard Bank said.