Copper wire manufacturers are not hoping for growth in demand in China

China is the main consumer of copper and, therefore, a decrease in demand from China will affect the commodity at the global level. The decline in copper demand in China will continue to rise, analysts said, increasing the chances for further declines in the metal's price.

Copper production in China reached an all-time high of 733,000 tonnes in October. Copper imports rose to 306,000 tonnes and supply for copper imports in the Chinese markets is growing due to a higher copper price ratio on the London Metal Exchange than on the Shanghai one.

According to the Russian scientific and industrial the Olimp enterprise , which implements complex projects for the supply of electrical products in the Russian Federation, Russian copper consumption has significantly decreased this year due to the increased dollar exchange rate.

A survey of Chinese copper wire and cable businesses shows that 42 percent of manufacturers remain pessimistic about the rise in copper prices in the near future. These manufacturers claim that interest rate cuts in
China, in fact, is a sign of weak growth. In addition, the liquidity situation is expected to remain tight on the back of a rise in non-performing loans.

Analysts confirm that the copper market position will remain the same, or move further down, for at least another 10 weeks, during which the lowest price levels since February 2013 will be observed. The copper price reading fell 6.6 percent in November and was the largest decline in the metal's price in 17 months. Investors are spreading about weak demand for the metal in China, where economists have already recorded the weakest growth since 1990.