Copper Ranks First as Morgan Stanley Forecasts Rally
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Copper will lead a rally in base metals into 2011 as increased consumption cuts stockpiles and weaker currencies spur investment demand for commodities, according to Morgan Stanley.
“There is a fundamental aspect to this rally in addition to what’s happening to the U.S. dollar,” Peter Richardson, chief metals economist at Morgan Stanley Australia Ltd., said in an interview. “I rank copper first,” said Richardson, who’s studied metals for almost 20 years. He also backed tin, which touched a record yesterday, and nickel, up 32 percent this year.