SHANGHAI, Oct. 26 (SMM) –SMM conducted a survey of 22 major domestic copper smelters regarding future copper price trends, and most smelters surveyed are cautious towards the outlook.
About 36% smelters in the survey expect copper prices to fluctuate for the foreseeable future since recent copper prices lack the guidance from clear positive or negative factors.
Around 23% smelters are pessimistic about future copper prices. They believe copper prices will fall due to pessimism towards the settlement of the European debt crisis.
Approximately 14% smelters surveyed say recent copper price fluctuation serves as consolidation for future copper price increases. China's government will probably implement targeted loose monetary policy to ease tight credit situation. Besides, downstream producers are running at relatively high operating rates and orders are likely to improve, which will spur copper prices to rise.
The remaining 27% copper smelters in the survey can't predict future copper price trends.