Analysts predict rise in copper prices next quarter

The third consecutive annual copper shortage and accelerating US growth will drive prices to the highest in a year in the next quarter, according to the most accurate forecasters.

Global supply will fall 323,000 metric tonne short of demand in 2012, more than Europe consumes in a month, Barclays Capital estimates. Hedge funds, which were betting on lower prices as recently as January, and are now the most bullish in eight months, Commodity Futures Trading Commission data show.

The metal will average $9,000 a tonne in the third quarter, 11% more than now, according to the median estimate of the top five analysts in Bloomberg Rankings.

Copper is rebounding from a 21% slump in 2011 as data showed a strengthening US economy and as European leaders moved to contain the region's debt crisis. North America and Europe account for 29% of demand.