Xiao Fu

The data was quite steady, giving policymakers in China a sweet spot ... to implement deleveraging (and) fine tuning of the economy.

The key might be in the second half, when we see whether the Chinese property cycle recovers modestly or if it continues to slump. That will be a key determinant in terms of how big the copper surplus will be, overall, I think that China restocking trends can be quite powerful and many market participants may be under-pricing that scenario.