50% of China Copper Plate, Sheet, Strip, and Foil Makers Expected Limited Change in Prices

These enterprises believed waning consumption ahead of the Chinese New Year holiday and the absence of major economic reports would deter prices from swinging sharply. Downstream buyer would be reluctant to source raw material at high prices for fear of price slump after the holiday, limiting upward room for copper price. As a result, most producers expected LME copper prices to hover at $7,300 per tonne. 

 

9% of producers were more optimistic considering falling LME copper stocks and continued cash-to-three-month backwardation on LME copper contract. CFTC report also indicated growing long bets in copper despite a brief pullback in the prices. Therefore, these producers anticipated that copper prices might rise to test a high of $7,400 per tonne. 

 

41% of enterprises surveyed by SMM had no clear clue on copper price trends.