December 3, 2009 / 3:55 PM / 10 years ago

Copper price not sustainable at $7,000 - Zambia

LONDON, Dec 3 (Reuters) - Copper prices at $7,000 a tonne may not be sustainable and a price closer to $5,000 would be better for the market, Zambia’s Central Bank Governor said on Thursday.

“I’m not sure the high copper price is a good thing,” Caleb Fundanga said at a Zambia investment forum in London.

Three-month copper MCU3 on the London Metal Exchange was trading at $7,110 a tonne on Thursday.

“We are questioning if $7,000 is a sustainable price for copper but $5,000 is a good price,” Fundanga added.

Copper mining is Zambia’s economic mainstay and copper and cobalt producers are a major employer in the southern African country. (Reporting by Joe Brock; Editing by Sue Thomas)

joe.brock@thomsonreuters.com; +44207 542 9162

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