SHANGHAI, Jul. 6 (SMM) – The September-delivery copper on SHFE lost 1,580 yuan during daytime trading Monday, to end below 41,000 yuan per tonne, as concern over Greek debt issue grew and China’s stock market failed to turn around. Is the red metal heading for a new 2015 low?
“Recent plunge in China’s stock market was a great shock for investors, and copper prices may probably break below 40,000 yuan should this panic continue to spread,” said analyst of COFCO in a recent interview.
“The escalation of Greek crisis and weak market fundamentals will combine to send copper prices lower,” analyst of Western Futures holds the same opinion.
“The movement of Chinese A-shares will be decisive, copper prices may dip to a low seen early this year should stock prices continue to sink,” analyst of Zhaojin Futures told SMM.
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