‘Aurubis CEO sees copper prices rising’
FRANKFURT: Europe's largest copper producer Aurubis sees a trend for rising copper prices thanks to higher demand for more electronics goods, its chief executive told a German paper.
"Even if there may be short-terms price swings in either direction... demand for copper is rising with increasing prosperity in countries such as China," Bernd Drouven told Frankfurter Allgemeine Sonntagszeitung.
Data released on Sunday showed that copper imports in China, the world's leading copper and aluminium consumer, snapped two months of decline to rise 9.9 percent to 280,009 tonnes in June.
Drouven declined to comment on whether the company would raise profit forecasts for the year, saying only that Aurubis had at least met its expectations so far.
The company said in mid-May it expected operating earnings before tax of over 260 million euros ($372 million).
He added the company was looking for more takeover targets, following an deal in April to buy metals group Luvata's rolled products division, but had nothing definite to report.
Copyright Reuters, 2011
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