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The above views were put forward at an industry conference in Shanghai. Prior to this, benchmark copper prices last week hit their biggest weekly gain since the beginning of the year, mainly driven by U.S. President-elect Trump's promise to expand infrastructure spending. <>
The market will still have a considerable degree of oversupply in 2020.
The situation will not be better in the new year
Wu Yuneng of Jiangxi Copper pointed out. Jiangxi Copper is China's largest copper producer. <>
The global copper market continues to suffer from oversupply as mines in places such as Chile and Zambia expand production. <>
Some bullish traders and analysts believe that the surge in copper prices last week is the first signal that the copper market is about to start a bull market and will end the downturn that has lasted for many years. <>
However, He Jinbi, founder of Maike Metal Group, pointed out that although copper prices may have bottomed out temporarily, they will not rise above US dollars per ton before or after
. Maike Group is one of the largest metal traders in China. <>
He also called on the Chinese government to control what he said was excessive speculation in the domestic futures market, which has been volatile over the past week, mainly affected by speculative funds. <>
We hope that the market will be supervised rationally and reasonably, otherwise the market will be hurt, he said. <>
Jiangxi Copper Wu Yuneng said that the recent market trend is irrational. <>
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