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.
The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or limited. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.
For news cooperation, please contact us by email: firstname.lastname@example.org or email@example.com.