Copper Price to Stay Around Present Level, Kazakhmys's Ogay Says
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.
"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.