The import of refined anode copper to China in August 2013, contrary to the expectations of market participants, fell to a 14-month minimum of 387 thousand 564 tons, which is 5.6 percent less than in July.
“This is a surprise. Some contract parties may have been resold to other markets. The weakness of seasonal demand in August could also negatively affect copper supply,” says Jinrui Futures, Jan Xiaoguan.
Meanwhile, the August deliveries of copper to China were higher than last year’s level by 8.9 percent. According to traders, copper prices are likely to remain at the same level in September, however, the growth of stocks in warehouses and the correction of profitability can force buyers to reduce purchases, which in turn will lead to a drop in prices.
Copper prices in China presented an unpleasant surprise to traders
|
Azovpromstal® 8 September 2013 г. 11:36 |
