SHANGHAI, Aug. 24 (SMM) – Copper plate/sheet, strip and foil producers in China are not bullish toward copper price in the near term, saying any support from market sentiment and yuan’s depreciation will be unsustainable, SMM survey of 22 such producers indicates.
46% of the surveyed producers are bearish.
"Most Fed officials hold that interest rate can be raised in either September or December, so the dollar will be strong for the long run, weighing on copper prices," these producers said.
Moreover, the SHFE/LME copper price ratio is expected to fall after the yuan stabilizes, boding ill for SHFE copper prices.
18% of them believe copper price will remain range-bound as gold and crude oil prices diverged.
Copper supply in China's market remains ample though NBS reported a drop in July’s copper output as imported copper has not be consumed up. Meanwhile, spot copper is offered at a slight premium over September-delivery SHFE copper, In this context, copper price may be left in the current range.
36% are unclear about copper price trends.
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