SHANGHAI, Nov. 2 (SMM) –Regarding recent copper price trends, the latest SMM survey of 21 major domestic electric wire and cable producers revealed the following insights:
About 33% can't predict future copper prices since recent copper prices experienced volatilities and since uncertainties in macroeconomy are persistent.
Around 29% producers are pessimistic. They believe although there are noticeable copper price rebounds recently, the European debt crisis still hasn't been fundamentally resolved. Hence, copper prices are likely to fall down before the global economy improves and Europe's debt issues are completely solved.
Approximately 19% producers surveyed say copper prices have appeared rising momentum, and European countries have also been actively responding to their debt problems. Besides, copper supply tends to become tightening. Thus, copper prices are unlikely to fall down. Furthermore, copper's fundamental side is good and can drive copper prices somehow. In general, they expect LME copper prices will hopefully move towards USD 8,500/mt over the near term.
The remaining 19% producers in the survey predict recent copper prices to remain fluctuating. Despite intensified volatilities, copper prices still have been fluctuating in a wide range instead of a clearer trend of significant surges. So, copper prices will continue to fluctuate before any changes in consumption and the macro fronts.