FORT LAUDERDALE, Fla.
Copper prices will remain largely unchanged in 2013 and 2014,
according to Keith Gwozdz, INTL FC Stone Inc.s head of
sales in the Americas.
INTL expects cash copper prices
on the London Metal Exchange to average $8,000 per tonne ($3.63
per pound) next year and $8,250 per tonne ($3.74 per pound) in
"In 2013, were calling for
fairly similar prices to where we are right now ... probably
$7,200 to $8,500 as the low and high," he told the American
Copper Council fall meeting in Fort Lauderdale. "Prices are
expected to hold steady and within a rangeso softness
near term with the expectation of people worrying about the
fiscal cliff, and slightly firmer longer term."
Cash copper traded at $7,635 per
tonne ($3.46 per pound) in Wednesdays official session on
the LME, while Comex copper for December delivery settled at
$3.4535 per pound.
There will be modest copper
consumption growth in 2013 vs. this year, while primary
production capacity will build globally, but production cuts
and losses will limit supply. "Chinese imports (will) remain at
high levels, so a supply/demand imbalance (will lead) to a
slight deficit in 2013 and 2014," Gwozdz said.
New York-based INTL anticipates
that there will be a 50,000-tonne deficit in 2012 and a
5,000-tonne deficit in 2014, according to Gwozdzs
presentation. Inventories are likely to remain stable, he