Copper prices will stay around current levels, said Eduard Ogay, chief executive officer of Kazakhmys Corporation LLC. He commented on Monday during an interview in Astana, Bloomberg reported.
On prices:
"The copper price will stay at the current level but may grow. If it grows up to $10,000, that would be a short-term jump.
''The copper price is expected to be in the current corridor, but everything will depend on demand through the end of this year. The price of $10,000 a ton will help to launch new mines, but it will take two to three years for them to start production.''
Copper for three-month delivery rose $25, or 0.3 percent, to $9,470 a metric ton by 5:14 p.m. on the London Metal Exchange. Copper for September delivery increased 0.1 percent to $4.3085 a pound on the Comex in New York. Comex floor trading is closed today for Independence Day.