|China's SHME says 2015 average domestic copper, aluminum prices to dip 17%, 8%
China's Shanghai Metal Exchange forecast Tuesday domestic refined copper and refined aluminum prices would average Yuan 41,000/mt ($6,560/mt) and Yuan 12,500/mt in 2015, down 17% and 8% year on the year.
In a report on its website, the exchange said Chinese domestic refined lead and refined zinc prices would average Yuan 13,000/mt and Yuan 15,500/mt, down 7% and 3% year-on-year.
It attributed the decline to a domestic supply surplus, weak market demand, a volatile stock market and the strengthening of the US dollar.
SHME said current nonferrous metal prices have already nosedived to the lowest levels since the world's financial crisis (2007-08), with current domestic aluminum prices 15% less than the average annual prices in the 1993-1998 period.