SHANGHAI, Jul. 8 (SMM) - LME copper once plunged to $5,261 per tonne Tuesday, its lowest in six years. The September-delivery copper lost another 1,360 yuan Tuesday night. Most Chinese futures analysts remained bearish towards the red metal, SMM interview shows.
“Both SHFE and LME copper are under great selling pressure, as for SHFE copper, the previous low of 38,800 yuan should be eyed,” analyst of Ruida Futures said.
“Technical indicators now are pointing downwards, besides, high net short bets indicate that hedge funds remain bearish,” analyst of Zhongzhou futures told SMM.
69% of analysts polled expect SHFE copper to fall further today.
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