SHANGHAI, Mar. 31 (SMM) – “Copper prices are set for a rebound in the second quarter powered by favorable macroeconomic conditions and improving fundamentals,” Wang Pei, CEBM Group Ltd.’s Deputy Director of Research said at the 2015 Shanghai Copper &Aluminum Summit last week.
Mr. Wang noted that the US dollar index is unlikely to rise further April-August after climbing to an about 11-year high.
"Although China’s growth will continue to slow for the long run, a brief stabilization is expected during second and third quarter, and the improving home sales will help buoy demand as well," he said.
As for market fundamentals, Mr. Wang predicts that a real oversupply in copper concentrate market may not occur until 2016. In China, a near-zero investment growth in nonferrous metals industry means China’s copper output increase has a good chance to ease down in the first half of 2015.
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