Copper on Worst Run in Two Years as Barclays Sees Deterioration
- Encouraging data from China may be yesterday's story: Barclays
- Biggest producer Codelco warns few signs of improving demand
Production of ___ copper, which is the base product used to make other copper products, in the Luvata plant in Johor, Malaysia, on Monday, May 13, 2013.
Photographer: Munshi Ahmed/BloombergThis article is for subscribers only.
Copper capped the longest losing streak in two years as Barclays Plc forecast weaker prices amid concern that supply will continue to outstrip consumption.
Barclays said prices would drop this quarter, averaging $4,520 a ton, or 5.1 percent lower than Monday’s close in London. The metal climbed 3 percent last quarter. The head of Chile’s Codelco, the world’s largest copper producer, warned there are few signs of improving demand, and doesn’t see a recovery starting until 2018.