Bloomberg News

Copper May Drop Below $7,000 a Ton in Next 3 Months, SocGen Says

January 04, 2012

Jan. 4 (Bloomberg) -- Copper for delivery in three months may drop below $7,000 a metric ton in the next three months because of mounting concerns about global economic growth, Societe Generale said in its cross-asset research report.

The metal for immediate delivery may average $7,950 this year and $8,300 in 2013, the bank said. Copper for immediate delivery closed at $7,777.75 yesterday on the London Metal Exchange.

“We recommend a short zinc and long lead position as zinc is more exposed to the global economic slowdown and seasonally, the demand for lead is at its highest in the northern hemisphere,” the bank said.

To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net


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