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38% of Chinese Copper Smelters Pessimistic on Copper Prices

iconNov 6, 2012 14:25
Source:SMM
With regard to copper price trend for the near future, the recent SMM survey of Chinese domestic copper smelters yielded the following insights:

SHANGHAI, Nov. 6 (SMM) – With regard to copper price trend for the near future, the recent SMM survey of major domestic copper smelters yielded the following insights:

57% of the surveyed copper smelters hold the view that copper prices will keep fluctuating at current levels for the foreseeable future. Current demand remains soft and can not support copper prices to move higher, but looser monetary measures also help cap copper's downside room.

38% of these smelters are pessimistic over the outlook, pointing in part to tepid global economic environment. Besides, Spain and Italy has yet to search assistance from the European Central Bank, while new round of Greek rescue plan is not seen to make many breakthroughs. Combined with a lack of turnaround in downstream consumption, copper prices face a bigger risk of slipping.

The remaining 5% of copper smelters anticipate copper prices to increase. In their views, the latest China's PMI data shows that the Chinese economy will likely begin increasing, while the US economic data also indicates the US economy is recovering slowly. In addition, market expectation on stimulus measures is also increasing as the 18th National Congress approaches.

 

     

 

Chinese copper smelters
copper prices

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