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Copper under pressure but analysts see support from strategic buying

Posted on 24 July 2014

Although mainland imports are slowing amid tighter credit, prices are seen benefiting from strategic reserve purchases and power grid plans. While the worst fallout from the Qingdao metal-backed financing scandal may have passed, mainland copper imports are slowing, with volumes shifting from small traders to larger ones as banks become more cautious.
Still, analysts said, copper prices would be supported by strategic reserve buying and demand spurred by power grid construction. “Copper imports will likely be under pressure in the second half of the year, partly because of small traders going out of business amid tightened lending,” said JP Morgan Asia-Pacific head of basic materials research Daniel Kang, adding that their volumes would be taken over by bigger rivals………………………………………..Full Article: Source


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