SHANGHAI, Jan. 11 (SMM) - An SMM survey of 20 domestic copper wire rod producers shows 10% are bullish toward copper prices. Copper smelters may slash output should copper prices fall further, and this will lend support to copper price.
About 10% are bearish, citing weak market fundamentals. Some 30% are neutral. They argue mixed macroeconomic news will give little direction for copper price.
The remaining 50% are uncertain of copper price trends. Copper prices rebounded recently thanks to news of reserves buyout, output cut and sales control. But consumption did not show any noticeable turnaround. When combined with short-selling, it is hard to say how copper price will move.
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