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

Published: Oct 21, 2016 18:57

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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.

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copper prices LME copper SHFE copper

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