SHANGHAI, Jan. 17 (SMM) – The latest SMM survey showed that 48% of copper wire rod producers expect their January orders to drop further from December. SMM estimates the average operating rate at copper wire rod producers at 64.66% in January, down sharply by 6.79% from December's 71.45%. According to sources, some copper wire rod producers have halted production for unit maintenance on account of slack market consumption.
With regard to copper price trend for the foreseeable future, the survey found that 57% of copper wire rod producers hold the view that copper prices will fluctuate near current levels. Macroeconomy has recovered, but copper consumption remains sluggish. Stable global economy and QE3 measures can provide support for copper prices, but high Chinese copper stocks and uncertainty in the US and Europe are unlikely to help copper prices move out of existing trading range.