China's copper price expected to go downward turn
(www.chinamining.org)
Updated:
2008-06-21 08:36
Counter:
BEIJING, June 18 -- China's copper price is forecast to drop further in the coming period of time, according to sources with the Market Operation Regulatory Department of the Ministry of Commerce (MOC).
According to a survey, China's price of 1#copper was 63,565 yuan/ton in average in the end of May, dropping 3.7 percent from the end of April, and 1.1 percent from the same period last year.
The domestic sluggish consumption of copper has led to marked drop in import of copper concentrate.
Statistics from the customs show that China's combined import of copper concentrate was 517,000 tons in the first four months of this year, dropping 23 percent year on year. Included was 12,800 tons of import for April, down 31 percent year on year.
Experts held that with the arrival of slack consumption season, such weak sale of copper is hardly to change in short time.
MOC said that there is still pace for further drop of copper price in the later period of the year.
|