The Eurozone's outlook is weighing down on the global economy and copper demand for now, but signs of Japanese economic recovery and a pick up in US industrial output may give momentum to the red metal.
A slowdown in the Chinese economy and a cooling off of its real estate market are weighing down on the global copper market. But a rebound in US growth will only partially offset China’s decreased appetite for the red metal.
International interest in African copper is on the rise, particularly in South Africa, Zambia, and the Congo, despite a rise in the price of copper and increased scrutiny of mining activities from African governments.
Speculative buying of copper is seen to remain strong despite the downside risks in the global economy, which will bolster opportunities for junior miners.
Copper is rising on signs of improvement in the US economy, and hopes that China will ease credit to jump-start the economy.
Barclays Capital may have weathered spectacular losses by two of its copper traders, but the market is no stranger to maverick dealers.
Mineweb reported that feasibility study results on the Ajax Copper Project mean KGHM (OTC Pink:KGHPF) must decide whether or not to go ahead with the project.
Following copper's 2010 bull run, exchange-traded products have been gaining interest with investors seeking exposure to the copper market.
The Eurozone's woes continue to keep copper prices down, but optimism prevails as many analysts see global demand rising over the next year.
Copper dropped a two-week low Thursday, as the mounting debt crisis in Europe sparked fears of a potential default.
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