Both copper and gold markets have seen a huge turnaround from their lows in the post Lehman Brothers financial meltdown, with copper prices up threefold from lows struck in December 2008 below US$3,000 a tonne. Gold prices have risen by a more modest 120% in the same period.
RBS forecast average prices between US$10,000 and US$11,500 in 2012, 2013 and 2014, versus between US$5,100 and just over US$9,800 between 2009 and 2011. Barclays Capital saw copper trading on average at US$12,000 in 2012, while StanChart’s Zhu saw prices at just under US$12,000 in 2014 .
"According to Barrick’s statement, they are looking to diversify into copper, obviously because of the bullish outlook," said Australia-based mining equities investor Richard Longley, who owns shares in Equinox.
He said many mining companies were seeking ways to diversify and copper producers were in favour, given the positive longer term outlook for the metal.
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