TOKYO, Jan 8 (Reuters) - The head of Japan’s biggest copper smelter JX Nippon Mining & Metals Corp said on Friday a recovery of copper prices may take longer than expected as slumping oil and steel prices have deepened bearish sentiment in global markets.
“We still expect copper prices to recover toward $6,000 per tonne as we see a supply shortage going forward,” Shigeru Oi, president of JX Nippon Mining & Metals, a unit of JX Holdings Inc, told Reuters in an interview.
“But it may take longer than anticipated to see a recovery. We may have to wait until prices of oil and steel to bounce back.”
London copper sank to near its weakest since mid-2009 on Friday after an equity rout this week jangled nerves over Beijing’s ability to revive its stuttering economy, casting a pall over the demand outlook from the world’s top user of metals. (Reporting by Yuka Obayashi; Editing by Christian Schmollinger)