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Weak Copper Prices Expected on Growing Supply, SMM Interview Shows
Aug 1, 2014 09:56CST
Source:SMM
copper prices will not gain clearly steam, one analyst from Shanghai CIFCO Futures said in an interview with Shanghai Metals Market.

SHANGHAI, Aug. 1 (SMM) – China’s official PMI for July came in at 51.7, higher than the previous level of 51.0 and market estimation of 51.4, hitting a new high of the year. But, copper prices will not gain clearly steam, one analyst from Shanghai CIFCO Futures said in an interview with Shanghai Metals Market. 

The analyst pointed out Chinese smelters will soon complete their unit maintenance, so supply will grow as a result. This, combined with the resumption of copper concentrate exports by Indonesia, will also not allow copper price to lurch higher for the foreseeable future, he added.

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