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Chinese Market Releases Good News, the Copper Prices Will Rebound Further
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2022-07-29
Chinese Market Releases Good News, the Copper Prices Will Rebound Further
[Seebest Cable News] Reuters survey shows that as China releases more infrastructure spending and other economic stimulus measures, copper prices are expected to rebound further in the coming months after being hit hard.
New and more infrastructure projects and support for China's real estate market boosted copper prices this week.
In early trading on Friday, copper prices on the Comex Market in New York rose 2.9% to $3.58 per ton.
"As market sentiment has shifted sharply from extreme bullish to bearish, industrial metal prices may have been lower than expected," said Carsten Menke, an analyst at Baosheng, Switzerland.
"Although China's blockade may still have an impact, we believe that the worst period of China's economic growth has passed."
Analysts predict that the supply tension will ease, and have lowered the global supply shortage forecast this year to 30000 tons, less than one-third of the 110000 tons predicted by the April survey.
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