Ten of 21 analysts, investors, traders and consumers surveyed yesterday by Bloomberg News said the metal will rise next week, on speculation demand in the U.S. will keep growing. Six said it will be little changed and five said it will fall.
As well as increased demand, supply constraints may also buoy copper prices in the coming months. Inventory monitored by the LME fell 350 tons, or 0.4 percent, to 93,575 tons today, the exchange said. Stockpiles have fallen 16 percent this month and are equal to about two days of global consumption.
Due to high demand ``there is hardly any stock, only two days of copper worldwide and that has led to extreme volatility and to new price records,'' said Stefan Weiser, head of commodity investor sales at Goldman Sachs Group Inc. in Singapore.
copper prices rise
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