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Ratings agency Fitch bullish on copper in medium term

September 18, 2012 - 21:38 GMT Location: New York

KEYWORDS: copper , Fitch Ratings , China , nickel

Copper has the most bullish fundamentals of the exchange-traded base metals over the next 12 to 18 months, assuming a soft economic landing in China and a slow recovery in developed nations, Fitch Ratings said.

Prices for the metal are expected to remain well above marginal costs of $2.15 per pound ($4,739.93 per tonne), while earnings before interest, taxes, depreciation and amortization (Ebitda) for medium-cost producers should remain above 45 percent over the next 12 to 18 months, the ratings agency said in a research note. Fitch expects U.S. copper consumption to grow about 2 percent annually through 2014, mainly due to increased auto industry demand....

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