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SMM Copper Weekly Review and Forecast (8-12 Jul. 2013)
Jul 8,2013 16:47CST
price review forecast
Source:SMM
Copper prices will face downward pressure this week. LME copper prices will maintain resistance at USD 7,000/mt, with solid support at USD 6,750/mt.

SHANGHAI, Jul. 8 (SMM) – The Shanghai Composite Index rose 1.4% from a week ago due to improving liquidity in China’s financial markets. SHFE copper prices rebounded from RMB 48,300/mt, to RMB 50,500/mt, or 4.5%, boosted by LME copper prices, but met resistance at RMB 50,500/mt. Trading volumes were down by 660,000 lots and total positions fell by 10,000 lots. In China’s spot markets, some speculators bought spot goods and sold futures goods. Downstream buying interest was low with prices at RMB 50,000/mt, with the price gap between standard and high-quality copper growing due to a preference for high-grade goods. Trading was dominated by speculators, with a panic sentiment still strong from recent sharp price declines.

 
Copper prices will face downward pressure this week. LME copper prices will maintain resistance at USD 7,000/mt, with solid support at USD 6,750/mt. SHFE copper prices will lack upward momentum this coming week and will meet resistance at RMB 50,500/mt. 
 
LME copper prices
SHFE copper prices
SMM Copper Weekly Review and Forecast

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