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Copper prices rose on China's and global demand and improving confidence on global economy and increasing demand in China . Global demand for copper are picking up.
The destocking will not be followed by restocking, a slowdown in copper stocks in LME-monitored warehouse fell 1,350 tonnes today. Albanian Minerals President and CEO Sahit Muja said "The world is facing a copper supply deficit". The price of the copper rose 30 percent in 2010. Goldman Sachs estimates a 4.7% growth in global copper demand but only a 2.1% growth in global copper production for 2011. Read more here
A booming growth in China, India, Brazil and other the emerging economies need much more copper.
The global demand for copper increased 8 percent in 2010, outpacing supply.
Brazil and China are heading for a battle of strategic necessity over copper in Africa that will leave the winner walking away with the most expensive acquisition of a diversified minerals company. Read Story
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