The floor under worldwide copper prices is starting to solidify, but with China’s copper demand remaining weak, there is little chance that prices will climb back to the key threshold of $5,000 a ton.
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“Some of the fiscal expenditures on social development like shanty towns and also infrastructure investment in railways and highways will likely increase next year”. There are speculations of additional production cuts from Chinese producers.
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On the London Metal Exchange, copper, aluminum, zinc, lead and nickel also gained, while tin declined.
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At the Multi Commodity Exchange, copper for delivery in February next year traded higher by Rs 1.30, or 0.42 per cent, at Rs 314.10 per kg in a business turnover of 857 lots. Copper ended 1.2 per cent firmer at $US4,720 a tonne, recovering from a 1.5 per cent loss on Tuesday, with the metal posting only a sluggish recovery from six-year lows below $US4,500 a tonne hit in late November.
Some Chinese importers of refined copper have reduced bookings of term shipments for 2016, expecting lukewarm domestic demand and weak prices to continue, industry sources in China said. This suggests how financing needs have exaggerated China’s demand for copper and warped views about the health of China’s overall economy.
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“We see copper prices range trading in the near term with the biggest downside risk the filling up of oil storage capacity and corresponding oil price collapse to cash costs”.
