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MOC Expects Copper Prices to Fall
Aug 24,2011 16:37CST
smm insight
Source:SMM
Based on the Ministry of Commerce (MOC), #1 copper prices rose 0.2% last week, edging up after falling for three consecutive weeks.

SHANGHAI, Aug. 24 (SMM) –Based on the Ministry of Commerce (MOC), #1 copper prices rose 0.2% last week, edging up after falling for three consecutive weeks.

According to data tracked by Shanghai Future Exchange (SHFE), copper inventories during last week fell 7.3% week-on-week to 112 kt, and the first time to fall after increasing for a fifth straight week. A drop in copper inventories caused rising copper prices.

Based on SMM survey, demand for all copper plates, sheets and strips fell during August, and a drop in demand for copper plates and brass strips was especially sharp. Due to weak market demand, the MOC expects copper prices to fall further in the future.
 

MOC;copper prices

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