SHANGHAI, Mar. 30 (SMM) – 24% of the copper plate, sheet, strip and foil producers expect copper prices to stay in the current moving range for the near term, a reflection that many producers turn cautious before a series of risky events. Besides, both long and short positions in SHFE copper grew lately, which are believed to limit movements of copper prices.
14% of producers remain bullish, noting that the rally in US shares will shore up the market and benefit commodity markets.
In addition, the CFTC reported a decline in net short positions in COMEX copper to 17,547 for the week ending March 17, and LME report also indicated a rise in net long positions in copper to 18,931, a sign that markets are becoming more optimistic about copper prices. Technical indicators are also pointing to an upward trend in copper.
In China, copper prices will take impetus from the strong stock markets.
19% of the surveyed, however, are bearish, arguing that copper consumption showed no improvement despite the approach of Q2 – a seasonal peak demand period for copper.
The remaining 43% of producers say it is difficult to predict copper price trends.
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