Arubis, the largest copper producer in Europe, sees the prices of copper rising in the near future thanks to the high demand of electronic goods.
The Chief Executive Officer of Arubis, Bernd Drouven said in an interview with a German newspaper that demand for copper was growing in countries such as China where consumers were buying more electrical appliances.
Bernd Drouven told the Frankfurter Allgemeine Sonntagszeitung that even if there may be short-terms price swings in either direction, demand for copper is rising with increasing prosperity in countries such as China. He added that Arubis was looking for a takeover target but did not have a candidate to discuss about at this time.
As per the data released on Sunday the imports for copper by China have been on the rise after a decline of two months. The month of June saw China importing 9.9% more copper than the month of May as it took in 280,009 tonnes of copper in June.
Arubis expects its operating earnings before tax of over 260 million euros as per its own statement made in mid May. That will be roughly $372 million. Bernd Drouven added that the deal to buy the metals group Luvata’s rolled products division in April had been a good move and they were looking for more takeover bids.