SHANGHAI, Jun. 19 (SMM) – Copper prices will remain on a downward track next week, SMM research team expects.
Although LME copper has found some support at $5,700 per tonne, CFTC reported continuous rises in short positions in the red metal. That, plus the market risk from Greek debt issue, may bode poorly for copper prices.
“Considering the negative reports and growing technical resistance, SHFE copper may probably test 41,500 yuan per tonne should LME copper fail to hold above $5,700,” SMM analyst holds.
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