LME Copper Prices Trading $7500 per tonne level, TMC bett prices Increase in 2012

LME copper had hit a yearly high of around $10,000/tonne in the first months of 2011 but has been on a downhill, declining over 20%. LME Copper prices trading around the $7500/tonne level, Tellurian Capital Management is betting on prices to increase to $9500/tonne in Q1, 2012.

Copper has been the main victim of market fears, way above energy and equities, but we should be getting past all that negativity. I doubt we will fall below the current range but there is a chance we could hit the upper end of the range, above $9,500, over the next four months as supply-demand issues turn favourable, Jean-Marc Bonnefous, managing partner at Tellurian Capital. Bonnefous also expressed his belief that Chinese consumption will remain robust since China's Copper imports are at their 17-month highs.

Freeport MacMoRan, one of the major copper producers in the world, is also bullish on copper and rubbishes any rumours of Chinese copper consumption slowing by arguing that copper consumption will be supported by the country's domestic economy even if exports slowdown.

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