Copper Prices to See No Turnaround on Sluggish Consumption

SHANGHAI, Oct. 9 (SMM) – There is no turnaround in sight for copper prices as sluggish end user market will dampen demand for the red metal, www.qhrb.com.cn reported. 

Copper consumption took a hit in Q3 as output growth in end user sectors fell on a year-on-year basis in July and August, as detailed in the table below: 

Major copper consumption industries are mostly troubled by high stocks, so there is still a long way to go in the destocking process. Unsold commercial buildings remained at an all-time high of 6.32 trillion units as of August 2015. There are still over 40 million units of air-conditioners piling up in China at present. China’s automobile capacity has hit 40 million units this year, but domestic sales are poor. 

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