US construction to help copper in 2013
Jan 24, 2013 | 03:12 PM
| Suzy Waite
Tags
Copper,
Freeport-McMoRan Copper & Gold,
Richard Adkerson,
Christopher Ecclestone,
Hallgarten,
Morgan Stanley,
John Tumazos,
Very Independant Research
Citigroup
NEW YORK — Analysts and producers are reasonably optimistic about copper demand this year as a number of end-markets, notably U.S. construction, rebound.
Even a modest recovery in construction will undoubtedly boost copper markets, analysts and producer sources said.
"I’m expecting a construction recovery in 2013. Not a rip-roaring one by any means, but a moderate, bubbling recovery," Christopher Ecclestone, mining strategist at Hallgarten & Co. LLC, told AMM. "It can’t stay in the dumpster forever. It’s been five years."
A second analyst agreed. "Construction spending in the U.S. improved ... in 2012 after five years of consecutive declines. It’s just a matter of how much it will increase, but the link to construction spending (will boost copper)," he said.....
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