[Cu] Forecast of Copper Price Next Week

SHANGHAI, Apr. 17 (CBI China) -- CBI predicts copper price will continue to surge next week.

    Chinese government has released main economic data in 1Q, and part of economic data show Chinese economy has a sign of recovery, but it will be early for the economy to resume rapid growth. While the international market remained weak amid financial crisis. Large volumes of refined copper imports of China resulted in a second round of declines in LME inventories, helping support copper price. However, the imports of refined copper will become weak in the future. The operating rates in downstream industries continued to improve, so the upward trend for orders will at least exist till May.

    Next week, CBI believes copper price will move in the USD 4,500-5,000/mt range, and will continue to surge to USD 5,000/mt. Attentions should be paid to the consumption of imported copper in domestic market.

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