RSS
Facebook
Delicious
Digg
Yahoo
MeneameThe copper market will remain positive this year despite continued macroeconomic uncertainties mainly in Europe, US-based Freeport-McMoRan Copper & Gold's (NYSE: FCX) CEO Richard Adkerson said during a conference call to discuss 2011 results.
"Overall, the markets today do reflect the concerns from the sovereign debt situation in Europe and a relatively low growth in the US," Adkerson said.
"However, as we look forward in a world that involves economic uncertainties, we see a tight and encouraging market for copper as we go into 2012," he added.
The global copper market is tight as inventories came down by 25% during the fourth quarter of last year, according to Adkerson.
At the same time, China continues to show strong growth despite concerns continuing into this year about credit tightening and inflation factors.
China saw record imports of copper in December last year and red metal inventories represent roughly 10 days of consumption, according to the CEO.
"We are also seeing a fairly positive outlook from our downstream customers in the US, with factors such as growing auto sales and production, slowly improving residential construction and a more positive market sentiment," Adkerson said.
Copper producers continue to face supply constraints when developing new projects and keeping existing mines operating, which also supports the positive outlook in 2012, according to Adkerson.
0
Comentarios