China’s top copper refiner Jiangxi Copper will boost refined copper output by 12% in 2009 to 800,000 tons as China still produces less copper than it needs, Reuters reported. Speaking to reporters on the sidelines of an industry conference in Shanghai, Jiangxi’s executive director Wang Chiwei said he expcted copper prices in 2009 to range from US$4,000-4,400 per ton. He also added that his company could not afford sell copper to China’s State Reserves Bureau (SRB) as Jianxi Copper has only enough supply for its customers. This might force the SRB to buy copper on the open market. The SRB has backed off from copper purchases as prices have begun to rebound.
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