Citi raised its forecast for Copper prices for the next two years, saying the supply shortfall would be higher than expected

In Sydney, on July 7, citi raised its forecast for Copper prices in the next two years, saying the supply shortfall would be higher than expected. ?
Citi said in a report that the average price of copper in 2009 was $5 per pound, above its previous estimate of $3.50 a pound; Copper is expected to average $5.50 a pound in 2010, up from $3 a pound previously estimated. ?
"Copper production continues to be lower than expected, mainly because existing mines have cut production, rather than delayed new projects," citi said. ?
"We now expect that in 2009 mine production will be about 900,000 tonnes lower than the actual capacity." ?
On Monday, LME copper for three months was at $8,515 per ton ($3.86 / lb). Last week copper hit a record high of $8,940 a tonne in electronic trading ($4.05 / lb). ?
Citi also said copper prices would average $4 a pound in the second half of the year, up from $3.50 a pound previously estimated. ?
Citi said shortages of acid, electricity and water needed to open the mine also shrank copper supplies. ?
Citi said that in the Copper futures market, large speculative long positions have been cleared to give Copper prices more upside potential.