SHANGHAI, Aug. 28 (SMM) – Although the traditional peak-demand months of September and October are drawing near, analysts tend to believe its influence on copper market is softening, Shanghai Metals Market’s recent interviews show.
“Nonferrous metals stood out in futures market lately, aided by European and US recovery. However, anemic demand from China, the largest nonferrous metals consumer, will cap the rise in copper prices.” an analyst from Shanghai CIFCO Futures told SMM. “The weak manufacturing activities in China will also water down any influence from the boom season, leaving copper prices consolidating,” he added.
Analyst from Nanzheng Futures expected consumption growth to remain slower than a year ago in September, and pointed out that copper consumption in India and Africa may exceed that in China. “We are now paying considerable attention on the local government debts in China and overcapacity in China’s copper semis sector,” he said.
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