GS：看空铜价

_ Our survey stats on declining producers' orderbook trend, rise of supply chain inventory, and negative yoy change in Chinese fabricator operation rates provide additional color and quantification on the demand response to metal prices. On the supply side, the widened gap between prices of refined copper and scrap in China has unlocked alternative supply from the scrap market, as Chinese smelters increase cold charges to ease the tight concentrate market. Goldman Sachs does and seeks to do business with co ...