SHANGHAI, May 20 (SMM) – The three-month copper on London Metal Exchange tumbled 2.37% Tuesday after the US dollar index staged a strong rebound. July-delivery copper on Shanghai Futures Exchange posted a 1,050 yuan per tonne to 44,760 yuan for daytime trading Wednesday.
Will copper prices fall further? If yes, how much more will the red copper lose?
“Technical indicators were pointing downwards, so we expect SHFE copper to fall back to about 44,000 yuan per tonne, a low seen before the May Day holiday,” analyst from Yide Futures told SMM.
“We predict LME copper will seek support at $6,180-6,150 per tonne, and SHFE copper may find solid support around 44,000 yuan, and chances are remote for any further plunge,” analyst of Dayou Futures said in the latest interview.
Analyst of Galaxy Futures expects copper prices to start treading water after slipping to 44,580 yuan per tonne.
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