SHANGHAI, May 29 (SMM) – Spot premiums in China’s copper market are unlikely to rise in the upcoming week with imported copper supply on the rise and consumption slowing, SMM copper analyst foresees.
Downstream producers surveyed by SMM mostly expected poorer orders in the June’s offseason, presaging weak copper demand. This will occur at the same time when more imported copper entered Chinese market on higher SHFE/LME copper price ratio. Weak fundamentals will weigh on spot premiums in China.
In futures market, SMM prediction is that technical resistance and declining trades will leave LME copper around $6,080 per tonne, and SHFE copper will follow LME copper track to test support at the 60-day moving average.
For news cooperation, please contact us by email: email@example.com or firstname.lastname@example.org.