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Copper prices in the global market are likely to witness an exponential rise and may even hit the $10,000 a tonne mark by the end of this year, according to an industry expert.
However, after a brief boom the prices are expected to decline and may even plunge below the $2,000 a tonne level by 2017.
"Copper prices will stabilise in Q2 of 2015 and from third quarter onwards price will begin to rise exponentially and may even touch $10,000 a tonne by end of 2015 and early 2016, before it begins its downward journey," global copper analyst and economist Simon Hunt said here today.
Speaking at the MCC Chamber of Commerce and Industry he predicted that copper prices may slump even below $2,000 a tonne by 2017.
Asked about behaviour of other metals, Hunt said that all other metals will have similar fate, may be in different degrees, except gold.
Copper prices had been easing and saw sharp decline and are hovering around $5,000-5,500 a tonne.
According to reports, although the global copper market is in a glut, the surplus outlook for this year is substantially reduced from 400,000 tonnes to 100,000 tonnes.
Meanwhile, Hunt expects a slower growth for the global markets in 2015 but is not sure about its effect on India.
