Zhongda Futures Keeps Bearish View on Copper

SHANGHAI, Dec.7 (SMM)－ China’s copper prices will maintain an upward movement with the continuous recovery of global economy despite some current retracement, according to Jing Chuan, general manager at Zhongda Futures said. He added that the upward trend is likely to resume in March next year.

With major copper producers globally slowing their investments in recent years due to persistent low prices, SMM believes global supply growth will gradually decline from 2018 whereas consumption growth will be steady at 2-2.5%. SMM forecast copper prices to move up in 2018 at an average of $6,800-6,900 per ton for LME price and 53,000 yuan per ton for SHFE.

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