Copper prices are expected to average at $ 6762 per tonne in 2010 as per an estimate from the Australian bureau of Agriculture and Resource Economics (ABARE). Rise of economic activity is likely to help Copper though the usage is likely to remain unchanged. The markets are ruling much above the average zone of ABARE. LME prices are near $ 7150 per tonne. Copper consumption is expected to remain at 18.3 million tonnes in 2010, similar to 2009. Higher production in Africa and Chile will increase mine production to 16 million tonnes. World refined copper production is expected to remain steady in 2010 at 18.5 million tonnes. Weak demand and low profit margins in the European Union are expected to continue to constrain refined primary production. However, this is expected to be offset by a significant increase in refined primary production in Africa with the ramp-up of Solvent Extraction Electrowinning (SX-EW) operation Meanwhile, MCX Copper is expected to show some more buying from current levels of Rs 337 per kg. The markets are expected to test Rs 339-340 as major Resistances.

Source