SHANGHAI, May 27 (SMM) – China’s slowing investment in electric power sector will add to a drag on copper demand with the peak season drawing to a close, SMM reckons.
The National Energy Administration said China’s power grid investment January-April declined 8.65% on the year to a mere 86.6 billion yuan ($14.1 billion), making up only 20.6% of the full-year target. In response, a majority of wire & cable makers told SMM their orders are unlikely to show noticeable rise in the rest of this quarter.
This weak wire & cable sales will in turn impair copper demand, SMM research team says.
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