LONDON, Jan 17 (Reuters) - Barclays Capital expects demand growth for metals to recover in the second half this year, with copper prices to rise by around 10 percent from current levels, while gold prices are projected to climb above $2,000 an ounce by the third quarter.
In its 2012 outlook for metals, Barcap said it expects the slowdown in metals demand growth to stabilise early this year and recovery to begin in the second quarter.
It forecasts copper prices to average $9,000 a tonne this year, although the projection is 11 percent lower than its previous forecasts for 2012, following a weaker-than-expected end to 2011.
Copper prices fell by around 21 percent last year, its first annual drop since 2008, as an uncertain global economic outlook raised fears about the metal's demand prospects. On Tuesday it traded at $8,180 a tonne.
"Our economists are expecting the European situation to continue stabilising, for China to engineer a soft landing and for the United States to be pretty strong this year. So we're working with quite a positive economic scenario," said Barcap analyst Gayle Berry.
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