According to Purchasing.com, a recent spike in copper prices is unlikely to last and is due primarily to speculative investment. Citing a lack of fundamental industrial demand by any of the major consuming nations, the commodity-watchers predict copper will fall back below $2 per pound in the coming months, with an average of between $1.70 and $1.83 likely for 2009. Global demand is down approximately 11.1 percent compared to 2008, where copper averaged $3.15 per pound.
Gold, by comparison, is up over 10 percent for the year, due in large part to investors flocking to the commodity as stocks lost value. Despite a recent 1.9 percent monthly drop for June deliveries, gold was still trading at $964.50 an ounce on the Comex division of the New York Mercantile Exchange.
The price of silver is also up for the year, by about 40 percent. July delivery fell 64.5 cents on the Comex, but was still trading at $15.31 an ounce.
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Source: EScrap News, June 4th, 2009
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