LME Copper to Perform Worse than SHFE Copper Next Week, SMM Expects

Oct 21, 2016 18:57

Source:SMM

LME copper will be exposed to further declines next week, while SHFE copper will struggle at lows, SMM predicts.

SHANGHAI, Oct. 21 (SMM) – LME copper will be exposed to further declines next week, while SHFE copper will struggle at lows, SMM predicts.

The US dollar will stay firm, supported by growing hopes for rate hike. Crude oil prices should move around $50/bbl. While net long positions for LME copper fell sharply of late, no massive short selling was reported. LME copper should drop further to $4,615-4,700/tonne, with negative technical side.

Profit at above-scale industrial enterprises in China is expected to be positive in September, which will give some support to copper prices. Despite negative technical side, expectations for yuan’s further deprecation will leave SHFE 1612 copper struggling at lows of 36,900-37,500 yuan/tonne.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

copper prices

LME copper

SHFE copper

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Privacy Policy Compliance Centre SMM Credit Service Contact Us About Us Terms & Conditions Sitemap Holiday Pricing Schedule

Notice: By accessing this site you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices, graphs or news content) in any form or for any purpose whatsoever without the prior written consent of the publisher.

LME Copper to Perform Worse than SHFE Copper Next Week, SMM Expects

SMM Events & Webinars

NET ZERO EUROPE - Solar & Energy Storage Summit

2nd Li-ion Battery Europe 2024

2024 Global Renewable Metal Industry Chain Summit