Copper may hit $11,000/mt mark in 2011: Fitch

LONDON (Scrap Monster): Copper prices would soar to hit $11,000/mt this year on tight supply and increasing demand, Peter Archbold, senior director and head of basic materials at Fitch Ratings said.

Copper will remain in fundamental deficit this year and next year, with London Metal Exchange stocks falling to the equivalent of one to two weeks supply, he added.

Three-months copper prices on the LME reached an all-time high of $10,190/mt in mid-February, though the market has since eased back, closing Thursday at $9,430/mt.