In Chile, 33 miners trapped half a mile down a copper and gold mine bravely await their rescue. Around the world, cowardly thieves steal copper cable. Both are the result of robust demand for the red metal. At $7,447 a tonne, copper’s spot price is 165 per cent above its mid-financial crisis low, though still 16 per cent shy of its July 2008 pre-crisis high.
Industrial demand explains only part of the increase. Despite doubts over the pace of global recovery, China is growing fast and accounts for 40 per cent of world consumption, and developed economies are restocking depleted stores. Then there is speculative interest from financial investors who are drawn by copper’s supply-demand imbalances.
Source: http://www.ft.com
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