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Copper prices hits two week high on Chinese demand hopes-18th China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
11/1/2016 Copper exhibition -non-ferrous metals expo |
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Reuters reported that copper hit a two week high on Thursday as the market focused on the likelihood of stronger demand in China, but gains were limited by reduced speculative activity after a spike earlier this week.
Benchmark copper on the London Metal Exchange was up 0.6% at USD 4,761 a tonne at 0849 GMT, not far from an earlier USD 4,778, the highest since October 13. Prices are up about 3% so far this week.
Traders said copper''s gains this week had been partly due to Chinese speculative activity, which had receded after China''s Zhengzhou Commodity Exchange doubled the charges for intraday trading in thermal coal.
China accounts for nearly half of global copper demand estimated at around 22 million tonnes this year. Chinese consumers are expected to import more over coming months due to stronger local demand.
Citi analyst David Wilson said that "Most people are expecting Chinese copper imports to rebound from the lows we saw in August and September. The domestic copper market is tighter. But copper prices over the next three to six months will stay in a USD 4,600 to USD 5,000 range."
China''s refined copper imports have fallen over the past three months, slumping 31 percent in September from a year earlier, partly as China has produced more metal after a surge in concentrate supply from Peruvian mines this year.
Bank of America Merrill Lynch analyst Michael Widmer said in a note that "Steady demand has contributed to a decline of reported and unreported inventories in China.¡±Mr Widmer added that "We see scope for a pick-up of refined imports, which had been at multi-year lows during summer. Having said that, higher domestic refined output, helped by concentrates imports, will in all likelihood subdue refined shipments to China."
-18th China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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