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Copper seen at USD 3-3.50 for the next two years – Codelco

FXStreet (Mumbai) - Chile’s Codelco, the world’s top copper producer predicts Copper at USD 3-3.50/pound in the next two years on growing mine supply.

Most top copper producers said today that Copper prices could be held down in the next couple of years on rising supply, although the metal prices would rally in the long-term due to a dearth of monster projects and bottlenecks at refineries.

Moreover, Codelco chief Nelson Pizzaro said, Prices could hit a record USD 5/pound (USD 11,000/tonne) over the next four to five years.

FOMC minutes in focus – BTMU

Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ notes markets focus revolving around the FOMC minutes to be released later in the day and sees the overall tone to as supporting the tighter monetary policy next year.
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LME Inventory update

The daily inventory data released by the London Metal Exchange (LME) today showed a decline in the inventory levels of Zinc and Aluminium. Meanwhile, the data showed a rise in the inventory levels of Nickel, Copper, and Lead.
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