The world is screaming for copper. Demand from China, the U.S. and Europe is pushing prices to all-time highs. London copper traded at $10,000 a metric ton. On the New York Mercantile Exchange, copper hit $.4.58 a pound, as reported in the Wall Street Journal.
Traders are looking for "five dollar copper," which would push London's price to $11,000 per metric ton. Goldman Sachs (GS) forecasts that copper will average $10,230 a metric ton in 2011, up 15%. It warned that new mine capacity will not come to market for at least two years.
Copper is widely used to make wires, pipes and sheets for electronics, appliances, buildings and automobiles. This next number is the reason for copper's spectacular rise: copper's supply deficit this year could range from 400,000 to 800,000 metric tons.
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