Chinese demand fans the copper price to 20 month high in Sweden

13:59, April 12, 2010      

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The Swedish Mining companies are happy to see the price hike of copper to the highest level since the collapse of Lehman Brothers in 2008, according to a report from Swedish Wire.

"Rising copper price is naturally positive for us", Marcela Sylvander, spokesperson at Swedish mining company Boliden, Europe's second-largest zinc producer made such a comment to the local media.

The price of copper climbed to a 20-month high Tuesday on swelling Chinese demand and the weaker dollar. Since the turn of the year copper is up almost 8 percent.

Prices are expected to continue up as few investments are being made in new mines while global demand continues to increase, the report said.

Shares in Boliden are up more than 10 percent compared to last week and have rallied almost 140 percent during the last twelve months.

Also Swedish base metals producer Lundin Mining has advanced rapidly. Shares have gained 10 percent since last week and are up more than 200 percent compared to a year ago, the report said.

The price of copper rose by 153 per cent on the London Metal Exchange last year. Still, the average price was 26 per cent lower than in 2008, according to the report.

By Xuefei Chen, People's Daily Online correspondent in Stockholm, [email protected]


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