SHANGHAI, Jun. 17 (SMM) – Copper price has posted sharp falls, and the SHFE copper lost 4.64% following a five-day losing streak. Is the red metal overshooting on the downside? Will its outlook turn less pessimistic for the long run?
“Some negative factors may have been priced in and it is possible that price fall in H2 can be not as sharp as we had expected, but outlook is still bearish overall,” said analyst from Everbright Futures told SMM.
Chief analyst of COFCO Futures agreed, saying that although downward room may be limited on the horizon following the plunge, weak market fundamentals mean prospect for the market in H2 should remain pessimistic.
That said, a few analysts do consider the recent price decline somewhat overdone and note that there are still uncertainties surrounding long-term price outlook.
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