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Copper price may drop below USD 7000 a tonne in next 3 months - SocGen

Societe Generale in its cross asset research report said that Copper for delivery in three months may drop below USD 7,000 a metric tonne in the next three months because of mounting concerns about global economic growth. < br/>< br/> The bank said that metal for immediate delivery may average USD 7,950 this year and USD 8,300 in 2013. Copper for immediate delivery closed at USD 7,777.75 on January 3rd 2011 on the London Metal Exchange. < br/>< br/> The bank said that “We recommend a short zinc and long lead position as zinc is more exposed to the global economic slowdown and seasonally, the demand for lead is at its highest in the northern hemisphere.” < br/>< br/> (Sourced from Bloomberg)