Freepot McMoran's Bullish View on Copper

CEO Richard Adkerson of Freeport McMoran (FCX) says that copper may rise to a record because the world's miners are struggling to increase supply, such as lack of new mine projects. The company is now the world's second largest copper producer after acquiring Phelps Dodge last year. Goldman Sachs estimates that copper prices in London will rise to a record $8800 a metric ton reached in May last year, and heading for a sixth consecutive annual gain. On LME, it is now trading at $8180 a metric ton, gaining 30 percent YTD.