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PrintThe drastic plunge of copper price at home and abroad has led Chinese copper smelting enterprises to a cold winter since October this year.
Prices of cu0901, the kingpin of Shanghai Futures Exchange (SHFE) copper futures, plunged down to the limit on 11 days among the 16 trading days from October 6 to 27. On October 27, cu0901 closed at 32,540 yuan/ton as the limit price, down 38 percent from the 52,620yuan/ton before October 1.
Market analysts attributed the dull market to sharp drop in the growth of copper consumption throughout the world and the excessive production capacity caused by over-investment in copper smelting.
China is the largest copper consumer in the world. During the first eight months of 2008, China consumed 3.3 million tons of copper, up 3.2 percent on year, much lower than the two-digit growth rate of the same period of last year.
An optimistic estimate suggests the overall copper consumption may total 4.9 million tons, up 7.45 percent over 2007, much lower than last year's 13.4-percent growth.
Experts predict a consumption demand of 5.2 millions tons in China for 2009, a growth rate of around 6.12 percent. Copper consumption in China had been growing by two digits for years before.
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