SHANGHAI, Oct. 14 (SMM) – SHFE copper prices were confronted with growing downward pressure after the Chinese National Day holiday. The most active SHFE copper contract hovered near RMB 47,800/mt last week, and dipped to a low of RMB 47,210/mt for a time.
SHFE copper prices may sink to RMB 46,500-46,800/mt once falling below RMB 47,000/mt as short positions are increasing and as LME copper prices may test support at USD 6,600/mt.
An increasing amount of imported copper flowed into China’s physical copper market last week. Some dealers went bargain hunting, and cargo holders intended to lift copper premiums. Spot trades improved before the weekend as downstream buyers built some stocks after the week-long holiday.