Copper On a Slide as China’s Second-largest Refiner Looks to Raise Production
Copper futures in both Shanghai and London stumbled on Monday amid risk-off sentiment in broader markets and mounting speculations that a U.S. rate hike and elections in Europe curb demand.
According to the chairman of China’s second-largest refiner of the metal, copper may close this year lower. In an interview in Beijing on Sunday, Jiangxi Copper Co. Chairman Li Baomin on Sunday said that copper price was poised to drop this year on the back of Chinese government announcing growth plan for 2017.
Baomin also added that his company will increase production to the maximum capacity of 1.36 million metric tons from about 1.2 million tons last year.
Sell Stop at 2.6600, Take profit 2.6500, Stop loss at 2.6650