NEW YORK, NY--(Marketwire -08/21/12)- Demand for copper is on the rise as copper inventories in warehouses tracked by the London Metal Exchange (LME) are at the lowest levels since the beginning of June. Reuters recently reported that after reaching summer highs copper inventories have fallen 20,000 tons to 234,550 tons. "Copper inventory levels on the LME are extremely low, and the market is vulnerable to a squeeze," said Guy Wolf, macro strategist at Marex Spectron. The Paragon Report examines investing opportunities in the Copper Industry and provides equity research on Thompson Creek Metals Company Inc. (TC) (TCM.TO) and Taseko Mines Ltd. (TGB) (TKO.TO).
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According to Bloomberg news Southern Copper's Financial Planning Manager Raul recently stated that Chinese copper demand could grow by as much as 7 percent this year, surpassing supply.
China's is likely to see "growth in copper demand of 6 to 7 percent this year, which should give support to the copper market in the next few months," Jacob said on recent a conference call with analysts. "Demand from emerging economies is also growing, somewhat offsetting weaker consumption in the European and U.S. markets."
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Thompson Creek Metals Company Inc. is a growing, diversified North American mining company. Thompson Creek has two large operating molybdenum mines and is in the process of constructing the Mt. Milligan copper-gold mine in central British Columbia, which is expected to commence production in 2013.
Taseko is the 75% owner and operator of the Gibraltar Mine, which is the second largest copper-molybdenum mine in Canada. The mine has undergone a $300 million multi-phase modernization project increasing daily milling throughput from 36,000 to 55,000 tons per day, with annual copper production capacity of 115 million pounds.
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- London Metal Exchange