SHANGHAI, Jan. 29 (SMM) – What's the trend for copper prices for the near future? SMM's latest survey of 20 major Chinese copper tube/pipe producers revealed the following insights:
The survey displayed 45% of producers expect copper prices to hold flat with current levels. Recent economic figures out of the US, China, and Europe were positive and indicate that global economy is recovering mildly. Besides, downstream producers have expressed relatively strong willingness in replenishing stocks ahead of the Chinese New Year holiday, which will also provide support for the low-end copper price. However, uncertainty in the US debt ceiling issue remains. That, when combined with high Chinese copper stocks, will put pressures to copper prices. Hence, these producers see no major changes in copper prices for the near future.
Approximately 20% of copper tube/pipe producers are optimistic over the outlook. In their views, global economy has bottomed, and easing measures are adopted worldwide. Furthermore, copper's fundamentals side has also improved.
The remaining 35% of producers can not predict future copper prices.