Copper prices are expected to retain a scarcity premium, says Goldman Sachs, as inventories are unlikely to fall to levels historically seen after cyclical economic slowdowns, given the current 're-acceleration' of the global business cycle. Copper supply concerns also continue to provide upside price risk, Goldman adds. Notes softer demand in line with an easing global business cycle was the primary driver behind weaker copper prices in the latter part of '06. LME copper trades at $7,855 a metric ton, +2% from Friday's low.
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