Reduction of prices in world market of copper stopped

Almaty. October 9. Kazakhstan Today - Reduction of prices in the world market of copper has stopped. At the same time stocks of copper on the London stock exchange of metals warehouses and the stock exchange COMEX (division of New York commodity exchange NYMEX) for the last month have increased. At the Shanghai future stock exchange warehouse stocks for the last month have decreased.

In the opinion of the chief Executive Director Freeport McMoRan Copper and Gold Richard Adkerson, in the long-term prospect prices for copper will increase due to decrease in extraction on old mines, deficit of prospecting of new deposits and difficulties at development of these deposits.

According to the International Copper Study Group - ICSG, the world market is experiencing a deficit of this metal. According to ICSG forecast, world demand for the refined copper will increase by 2012 by 18 % in comparison with the level of 2007.

The analysts state that both an earlier sharp increase of prices for copper and the present sharp recession have had basically a speculative character and fundamental bases of the world market of copper have remained positive.

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