An economist who interprets economic trends and their impact on business delivered good news to about 130 members of the Greater Sudbury Chamber of Commerce this week.
The price of nickel, which is at its lowest in a decade after falling 31 per cent this year to less than $4 a pound, is expected to rebound to a balanced market price by the end of 2016 as lower production worldwide brings the supply closer to the demand.
The price of copper, down 14 per cent in 12 months, is also expected to recover, although not so quickly. Pierre Cleroux said he expects to see a balanced copper market by the end of 2017.
Despite falling prices, the demand is still strong for both metals, said the vice-president of research and chief economist with the Business Development Bank of Canada.
Cleroux gave a presentation called Growth in Turbulent Times and its impact on Ontario’s economy to chamber members and guests.
Much of the news about China’s economy has been negative, he said, and its growth has slowed, affecting the rest of the world. But it is still increasing at five or six per cent a year, down from 10 per cent.
China isn’t building as much infrastructure as it was in recent years, but the country is experiencing growth of eight per cent in the service and retail sector.
Europe has been out of a five-year recession for two years, which is also positive for Canada because of our exports.
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