SHANGHAI, Mar. 7 (SMM) –China's copper giants made forecasts on China's copper demand this year on the sidelines of the NPC and CPPCC sessions.
Chairman of Jiangxi Copper Li Yihuang projected China's copper demand will surge by 7%, and added the copper fundamentals side will bolster copper prices. However, copper prices will continue to fluctuate owing to uncertainties in global economy.
Wei Jianghong, Chairman of Tongling Nonferrous Metals Group, China's second largest copper producer, said during interviews that China's copper demand will rise about 6%, the lowest growth rate since 2008.
Power grid investments will remain the spotlight this year. Sale growth in auto and home appliances will slow due to sluggish exports, while the housing markets haven't seen any improvement. Affected by these factors, uncertainties in copper downstream consumption are increasing.
As China has cut its 2012 GDP growth rate to 7.5%, the country's copper demand will undoubtedly wane this year.