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Stronger Chinese copper demand unlikely to sustain - Report-The 17th China(Guangzhou)Int’l Metal &Metallurgy Exhibi
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11/4/2015 Metal & Metallurgy expo |
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Reuters reported that stronger Chinese demand for copper in recent weeks is unlikely to last or to signal a broader recovery for the metal often regarded as a bellwether of economic growth. A surge in Chinese imports of copper is mainly due to buyers taking advantage of low prices to restock, rather than representing increased industrial consumption of the metal widely used in the power and construction sectors.
This would mean the upturn is likely to be just a blip in the longer term slowing in copper demand growth in the world''s biggest consumer of the metal. It would also dash expectations of stronger prospects for the Chinese economy, where growth looks set to slip to a 25-year low this year.
Copper prices have fallen over the past six months, hit by China''s economic slowdown and its transition to more consumer-led economic growth and away from exports and manufacturing. China accounts for nearly half of global copper consumption, which is expected to be around 23 million tonnes this year. Estimates of China''s demand growth in 2015 mostly vary between zero and 3 percent.
Falling stocks in bonded warehouses, to 400,000 tonnes from 500,000 tonnes in August, have also been cited as a positive by traders because taking the metal out of these warehouses entails paying the VAT, suggesting real Chinese demand. However industry sources said lower copper prices had spurred China''s State Reserves Bureau as well as manufacturing firms to buy the metal for their stockpiles, rather than for industrial use.
金属展-冶金展-2016广州金属暨冶金工业展览会-亚洲最大金属冶金展-巨浪展览
-metal&metallurgy-The
17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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