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.