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[Cu] Forecast of Copper Price Next Week

China's Yunnan In 2nd Round Of Metals Stockpiling For Reserves

SHANGHAI, May 8 (CBI China)&nbsp;-- This week, as the macro economy conditions improved and the European and US stock markets rebounded, the deflation expectations will push up the commodity prices easily. The copper price hike was mainly propelled by the macro economic policy and conditions, but not driven by the actual consumption, since it will take some time for the demand recovery to reflect on the financial data. 
&nbsp;&nbsp;&nbsp; The growth rate of copper profile consumption slowed down during March and April, and the spot supply increased, leading to the weakening domestic spot market sentiment, which exerted strong support to copper price previously. Chinese short-term imports continued to contribute to the continuous declines in LME inventory, helping support copper price to some extent, but the increases in Chinese inventory will exert great pressure on copper price in the future.
&nbsp;&nbsp;&nbsp; CBI believes copper price will move widely, a result of improved macro economic conditions and concerns on actual consumptions. LME copper price is expected to hover in the USD 4,300-4,900/mt range, and LME copper will outperform SHFE copper price in the near future.&nbsp; 
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