SHANGHAI, Aug. 23 (SMM) –With regard to recent copper price trends, SMM recently conducted a survey of major domestic copper plate, sheet, strip and foil producers, who were mixed towards the copper outlook.
Of the 20 surveyed copper plate, sheet, strip and foil producers, about 45% producers believed copper prices will little change, and due largely to weak international economic situations. Due to gloomy economic data in the US and euro-zone area, market confidence will not likely improve and therefore copper prices will lack the rising momentum. However, as debt problems in the US and Europe have eased temporarily, there is little possibility copper prices will experience significant declines.
Around 40% producers in the survey believed copper prices will increase, but there were also different views among these optimistic producers. Some believed copper prices have the needs to experience a technical rebound in the short term after falling significantly in earlier stages, but the upward room is limited. Others believed copper prices will rise in the long term, as they believed the US dollar index will remain weak in the long run, and that domestic demand will increase in the second half of this year. However, most of these producers believed there is a slim chance that copper prices will reach RMB 70,000/mt in the short term.
Approximately 15% producers said they couldn’t predict future copper prices.