On May 21st, 2015 Shigeru Qi, Chairman of JMIA said they estimate the market supply and demand of refined copper this year is basically balanced, which may support the refined copper price. “I think the copper price this year will not fall below US$6000 per ton.”  

Their prediction contradicts with the estimation made by ICSG in April, ICSG forecast that in 2015 the copper market will be over supplied with 365000 Tons.

“Due to their dependence of the manufacturers’ data, ICSG is likely to anticipate over supply,” said by Qi in press conference.  

“According to our prediction, this year the global market of refined copper will almost reach balance, “ said Qi, who is meanwhile the chairman of JX-Nippon Mining & Metals Corp, the leader of copper smelting industry in Japan.

Since the copper price reached the high point of US$6481 per ton in this month, it maintains in consolidation. From the low point of the year, the price has risen 20%. LME 3 months Futures copper price on May 21st is around US$6245 per ton.

“I believe the copper price this year will not fall below US$6000 per ton”, Qi said.

“Affected by the weak price, some new copper projects have already been stopped or put off...so i think the copper price may rise and reach US$8000 per ton in short period,” He added.