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Copper will lead a rally in base metals this year as increased consumption in China reduces inventories and higher prices encourage stockpiling, according to British research company Brook Hunt.
"We will see a crisis on the copper market", says Julian Kettle, head of metals research, quoted by Bloomberg.
In his opinion, in the short term, the copper market will remain "tight", and the price of copper will average 9,700 dollars/ton this year, compared to 7,543 dollars/ton in 2010.
"Brook Hunt" expects copper, which reached a record high last month, to have a 570,000-ton shortfall this year as China"s demand grows 6 percent.
International Copper Study Group expects a lower deficit: 435,000 tons.
Investment bank "Barclays Capital" and mining company "Rio Tinto Group" have also anticipated this year"s copper shortage, given the fact that the producers can"t cover the deficit.
The International Copper Study Group is predicting a 435,000-ton deficit this year.
"Standard Chartered" Plc expects the deficit on the market to remain in place until 2014.
In 2010, the price of copper increased 30%, as the world"s economies began to recover, feeding demand for the metals. Last month, the price of copper reached a record level of 10,190 dollars ton, on the Metal Exchange of London. Yesterday"s price was above 9,495 dollars ton. Since the beginning of the year, the price of copper fell 1.1%.
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