SINGAPORE: Copper futures in London will rise to $8,000 a metric ton on increased demand from China and a recovery in usage outside the nation, according to Macquarie Group Ltd.

"Strong demand from China" is depleting the country's stockpiles in bonded warehouses, which hold supplies before duty has been paid, the bank's analysts wrote in a report. The gain, forecast over what Macquarie called the "short term", would mean an advance of about 8.9 percent from today's levels.

The metal used in pipes and wires has more than doubled over the past year, the best performance on the London Metal Exchange, amid investors' optimism that demand will rebound as the global economy moves out of recession. The contract last traded at more than $8,000 in August 2008.