Platts reported that copper may be prime to rise in the first part of 2013, due to an uptick in demand and a dwindling supply, according to a note from Macquarie
As quoted in the market report:
2013 could be a year where copper sees higher highs and lower lows than in 2012. We have raised our copper forecasts in 2016-17 to reflect asteepening top quartile of the cost curve — to be clear we do not think copper will be at a premium to cost support over this period,” Macquarie said. The 2016 copper price is seen at $7,525/mt and then $7,875/mt in 2017. The long-term outlook is for a copper price of $6,504/mt.