September 13, 2013
The most-traded December copper contract on the Shanghai Futures Exchange slipped 1.21 percent to close at 51,410 yuan ($8,400) a tonne on Thrusday on investor caution ahead of the US Federal Reserve’s stimulus decision next week, although Chinese demand put a floor under prices. Copper prices have recovered nearly 8 percent from three-year lows plumbed in late June, but have failed to gain traction above $7,420 a tonne, the top-end of their recent band hit in mid-August.
“Even though (Chinese) copper demand is better than last year, we don’t expect very strong demand … because even though some big sized semi producers or end users are reporting improving sales volume, a lot of smaller ones are experiencing falling demand,” said analyst Chunlan Li of CRU in Beijing. Courtesy Reuters
Published in ZaraiMedia.com