Copper May Flip Into Shortage This Year, Standard Bank Says
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Copper consumption will outpace supply this year by 58,000 metric tons as demand increases and supplies are disrupted, compared with a previous forecast for a surplus, Standard Bank Plc said.
The bank revised its estimate last month of a surplus of 153,000 tons. The metal will have a shortage of 199,000 tons next year and about 457,000 tons in 2012, analyst Leon Westgate said in a report. Standard Bank said prices will average $8,700 a ton in 2012. It raised its 2011 lead and tin forecasts from last month, and cut estimates for aluminum and zinc.