Barclays Expects Copper Prices to Severely Soften in Late 2017

Telah Terbit: Aug 23, 2017 10:25

Simpan

Copper prices have overreacted to short-term factors and neglected several warning signals, Barclays said.

SHANGHAI, Aug. 23 (SMM) – Copper prices have overreacted to short-term factors and neglected several warning signals, Barclays said.

Citi and Societe Generale Express Divergent Views over Base Metals Price Outlook

Investors should be alert that copper prices might severely soften at the end of 2017 since demand may slow down, Barclays added.

Industry Insiders Bullish over Base Metals in H2 2017

Rise in copper prices usually means economic recovery, but we did not see such strong economic recovery, Royal Bank of Canada said.

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copper prices Barclays Royal Bank of Canada

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[SMM Shanghai Spot Copper] Looking ahead to next week, on the night of September 10, SHFE copper prices pulled back notably from the previous trading day, erasing all weekly gains. The SHFE copper 2609 contract mainly traded in the range of 109,000–109,700 yuan/mt. As the center of copper prices shifted lower, downstream pricing activity improved significantly. According to SMM, some processing enterprises conducted concentrated pricing during the night session, with overall pricing volume notably higher than the previous trading day. Driven by concentrated pricing, downstream raw material procurement demand was released simultaneously, and inquiries and transactions in the Shanghai spot copper cathode market improved markedly from the previous trading day. In addition, the import window rarely opened, and expectations for subsequent imported copper supply edged up. Next Tuesday is the delivery date for the SHFE copper 2609 contract, and after the contract rollover, spot copper quotes against SHFE copper are expected to remain at a high premium.

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