SHANGHAI, May 5 (SMM) – 51% of Chinese wire & cable producers expect copper prices to move sideways in the near term, citing mixed reports and limited trading volumes resulting from a shift of capital to stock markets, the most recent SMM survey indicates.
10% of producers are bearish, noting that LME copper will come under selling pressure at $6,150 per tonne and the same will occur to SHFE copper at 44,000 yuan.
Although SHFE reported that copper inventories declined more than 20,000 tonnes for the week ending April 24, an influx of imported copper will weigh on copper prices, these producers added.
10% of producers are optimistic, arguing that continuous falls in the US dollar index and positive technical indicators will bolster copper prices. Besides, the rally in Chinese stock market cheered the market, which will also bode well for SHFE copper.
The remaining 29% consider price outlook uncertain.
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