Copper Price Forecast, Nov 10

SHANGHAI, Nov 10 (SMM) - Technically, LME copper's low price hit the 40-day moving average. 40-day and 60-day MA come close and become a strong support line. Estimation is that the price will keep low and go near $6750 / ton, but $6700-$6750 / ton may be the bottom of the decline. LME copper price for today is $6,800 - $6,850 / ton. The main price range of CU1801 is 53,200 – 53,700 yuan / ton. More purchases were made from the downstream yesterday and stabilized the price. Purchase may continue to increase after the price stays stable. Today's price is estimated to be from a 40 yuan / ton discount to a 20 yuan / ton premium.

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