SHANGHAI, Jun. 26 (SMM) – Immune to an 8.55% plunge in Chinese stock market, September-delivery SHFE copper ended Friday’s daytime trading with a 380 yuan rise at 42,270 yuan per tonne. Will this uptrend continue into next week?
Ten of the 17 analysts interviewed by SMM expect copper prices to present a slight rise (less than 1%) next week， four of them see more than 1% increase, and the remaining three predict prices will edge lower (less than 1%).
“Markets now expect the result of Greek debt talks to be positive and the US dollar will be directionless given mixed economic signposts,” said analyst of Luzhong Futures.
“Besides, both LME and SHFE reported low copper inventories, these factors will bolster prices, but we see on a marginal price increase as the key driver – consumption – remains unimproved,” the analyst added.
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