53% of Chinese Wire Rod Producers See Copper Prices to Fall Further

BEIJING (SMM): 53% of Chinese copper wire rod producers expect copper prices to fall further on reports that hedge funds were selling copper in large amounts and a number of institutions cut copper price forecast, SMM’s survey of 21 producers shows.

The strong dollar and weak crude oil prices are believed to add to a drag on copper market as well.

These producers also noted to SMM that LME copper stocks increased to 198,725 tonnes on January 15.

Courtesy: www.metal.com