Investing in Copper: Why Prices Will Rebound in 2013
If you’re considering investing in copper, you need to know what’s happening in China right now.
The country’s extraordinary growth spurt – and the resulting surge in demand for copper – will create a global shortage of the metal this year, likely driving up prices. Copper is currently trading around $3.50 a pound.
Indeed, the real demand story for copper continues to be in emerging markets, particularly in China, which is responsible for about 40% of global consumption of the metal.
Last year, China’s imports of refined copper hit a record high 3.4 million metric tons, according to the General Administration of Customs in China. This figure surpassed the previous high of 3.19 million metric tons, set in 2009 during the stimulus following the 2008 financial crisis.
Why Copper Demand Will Keep Growing in China
The new administration in China, led by Xi Jinping, will likely hit the ground running with measures to boost the economy.
That’s why many analysts forecast China’s economy will grow more than 8% this year and that, in turn, will boost demand for copper.
The Chinese economy is already rebounding from its slowdown. According to Bloomberg News, manufacturing and exports are growing at the fastest pace in two years.
The pick-up in activity can be seen in the December data: China used 2.6 million miles of copper cable – used in electric grids, housing, autos and exports, Bloomberg reports. That’s the most copper wire the country has needed in nine months – and enough to circle the Earth more than 100 times.
Read More: http://www.stockgoldmarket.com/investing-in-copper-why-prices-will-rebound-in-2013
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