By Rachel Graham
Sept. 19 (Bloomberg) -- Copper may rebound next week as investors judge that prices 24 percent below the record reached July 2 no longer reflect the outlook for demand, a survey showed.
Seven of 16 analysts and traders surveyed by Bloomberg News yesterday forecast copper will rise. Six expected a decline and three were neutral.
Copper for delivery in three months on the London Metal Exchange has declined 4.8 percent this week and traded at $6,780 a metric ton as of 6:24 a.m. in London.
This week's survey results: Bullish: 7 Bearish: 6 Neutral: 3
To contact the reporter on this story: Rachel Graham in London at rgraham13@bloomberg.net
Friday, September 19, 2008
Copper May Rise Next Week After Decline in Prices, Survey Says
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