Copper headed for surplus, price fall: Goldman

Nov 14, 2013 | 11:27 AM | Andrea Hotter

Tags  Goldman Sachs, copper surplus, copper prices, China copper, Max Layton, Andrea Hotter

MIAMI ­— Copper is moving into surplus and prices will "grind lower" over the next year, a senior analyst at Goldman Sachs Group Inc. said.

The price of copper is expected to fall to as low as $6,200 per tonne ($2.81 per pound) next year, Goldman analyst Max Layton said at the fall meeting of the American Copper Council in Miami.

"Less than a quarter of the 60 copper projects planned meet their incentive price at or below $6,200 per tonne," he said. "At a price of $6,600 per tonne, around half the projects should (not), and may not, be built."....

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