(miningmx.com) - The copper price was due for further weakness – possibly as much as 15% off currrent levels, analysts say. However, they disagree on the metal’s prospects for the next two years owing to variances in the extent of supply growth. Copper is trading at about $7,255 per ton representing a 26% decline year-to-date and 29% over the last three months. Cost support for copper including sustaining capital expenditure – the price at which copper needs to be in order for breakeven output – is between $6,000 to $6,400/t. This implies “… more downside from here”, said Morgan Stanley in a recent report.
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