NANNING, May 24 (SMM) – Despite a potential rebound in the near term, copper prices are likely to extend its downward trend in the longer run, said founder of Shanghai research firm Horizon Insights, Wang Pei.
At the SMM Lead Zinc Summit on Thursday May 24 in Nanning, Guangxi province, Wang said that the weakening global economic growth and the growing global visual inventories of copper has shifted the short-term balance of supply and demand and pressured copper prices.
Since the start of 2018, global visual inventories of copper have rebounded from low levels and are likely to remain at high levels if there are no significant developments, Wang predicted.
Wang added that expectations of the Chinese economy will determine how investors react to copper prices.
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