SHANGHAI, Aug. 10 (SMM) – No copper wire rod producers in China expect a rally in copper price in the near term, SMM survey of 20 such enterprises reveals.
40% of the producers surveyed are bearish, holding that weak China manufacturing PMI and a lack of momentum for Chinese stocks will weigh on copper price.
“Continued falls in gold and crude oil prices, negative technical indicators and selling pressure all point to weaker copper price,” these producers told SMM.
15% of the surveyed predict that copper price will move sideways, noting that mixed economic indicators will limit the rise in the US dollar index.
Besides, there has been a large inflow of imported copper into Chinese market with the high copper price ratio opening the import window, and the resultant rise in spot supply is pressuring spot prices. But these producers also noted that some copper smelters are reportedly cutting shipments to bolster prices.
As much as 45% consider it difficult to predict the recent copper price movements.
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