Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Copper May Rise on Prospects for Curbed Supply, Survey Shows

Aug. 19 (Bloomberg) -- Copper may rise on speculation that supply of the metal will remain constrained, a survey showed.

Nine of 18 analysts, investors and traders surveyed by Bloomberg, or 50 percent, said prices will gain next week. Four predicted a drop and five forecast little change. Copper for three-month delivery was down 1 percent for this week at $8,775 a metric ton by 5:45 p.m. yesterday on the London Metal Exchange.

World copper demand is set to exceed output by 377,000 tons this year, according to the International Copper Study Group. Santiago-based Codelco, the world’s largest producer, may miss its output target for this year after union action and weather-related problems, Chairman Gerardo Jofre said last week in an interview.

“Copper’s supply/demand fundamentals remain bullish,” William O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said by e-mail Aug. 17. Logic “retains forecast for higher prices into year end,” he said.

The red bars on the attached chart are derived by subtracting bearish forecasts from bullish estimates, with readings below zero signaling the majority of respondents expect a decline. The green line shows the copper price. The survey data shown are as of Aug. 12.

The weekly copper survey has forecast prices accurately in 72 of the past 150 weeks, or 48 percent of the time.

This week’s survey results: Bullish: 9 Bearish: 4 Hold: 5

To contact the reporter on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.