SHANGHAI, Oct. 12 (SMM) – China decided to step up investment in power grid, a sector that drives nearly half of copper consumption. Will this move boost demand for the red metal in Q4?
SMM sees only limited positive impact since outdoor activity will be hampered by winter cold.
State Grid Corporation of China raised fixed asset investment goal for this year from 439.6 billion yuan ($69 billion) to 467.9 billion yuan in late August. The additional investment mainly targets rural power grid upgrade and UHV projects. China Southern Power Grid also raised this year’s fixed asset investment goal from 70 billion yuan to 83.4 billion yuan.
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