SMM Expects Copper Prices to Extend Loss and Test $5,850 Next Week (Jun. 8-12, 2015)

Published: Jun 5, 2015 18:02

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Enhanced technical resistance and the strong dollar will send LME copper lower next week to test $5,850 per tonne, SMM predicts.

SHANGHAI, Jun. 5 (SMM) – Negative technical indicators, weak demand and the strong dollar will send LME copper lower next week to test $5,850 per tonne, SMM copper research team predicts.

“LME copper has fallen below major moving averages with any strong support nowhere in sight," an SMM analyst said.

"The strong dollar, the continued contango in LME copper and weak fundamentals all bode poorly for copper prices," another analyst added, "so we see the prices to fall further next week, testing a low of $5850 per tonne,” noted.

SHFE August-delivery copper, the most active contract, is expected to follow LME copper down to 42,400 yuan per tonne.

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