Copper May Rise in London for 2nd Week on Fund Buying

People hoping for some relief from copper prices may have to put their hopes on the back burner a while longer. …
Copper may rise for a second consecutive week on speculation that funds are still increasing their holdings of the metal on expectations supply will continue to fall short of demand.
Eight out of 12 analysts, traders and investors surveyed by Bloomberg News on Jan. 26 and 27 said the metal will gain. Two expected a decline and two little change. Copper reached a record last week, bringing gains in the past year to 57 percent. Global demand has outpaced supply since 2002.
“The rally is not over yet,” Francisco Blanch, a commodity strategist of Merrill Lynch & Co. in London, wrote in a Jan. 27 report. Gains in prices will come from “unforeseen supply disruptions, ongoing bottlenecks at various smelters and critically low inventory levels.”

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