SHANGHAI, Apr. 23 (SMM) – The latest SMM survey reveals that 35% of 20 major domestic copper plate, sheet, strip and foil producers expect copper prices to extend declines. The recent copper price movements, having dropped below several major support levels, have undermined market confidence.
Approximately 25% of producers in the survey understand that copper prices will fluctuate at the existing price band. Copper prices have slumped nearly RMB 10,000/mt since February, and copper consumption is expected to improve in 2Q. Besides, falling copper prices have encouraged consumption for refined copper, and copper inventories in some regions have showed signs of falling. These will help support copper prices at the existing price band.
Around 15% of participants expect copper prices to rebound due to the release of major negative news and some positive economic figures.