03.09.2013 - Copper rally reversing as glut expands to 01 high: Commodities
The biggest rally in copper in three months is reversing as analysts predict that the largest glut in 13 years will overwhelm consumption from an accelerating Chinese economy, which uses two in every five tons. Production will exceed demand by 408,000 metric tons next year, the most since 2001, compared with 167,000 tons in 2013, the average of 15 analyst estimates compiled by Bloomberg shows. Futures rose 3.2 percent in August, the most in three months, on signs of an expansion in Chinese manufacturing. Prices will drop 6 percent to $6,800 a ton by the end of December, the median of 13 analyst and trader predictions shows...............................................Full Article: Source
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