[Cu Price] SMM Sees LME Copper to Edge Higher to $5,500-5,700

SHANGHAI, Jul. 10 (SMM) – An easing of Greek debt crisis and improved sentiment in China’s stock market will allow copper prices to move slightly higher next week, SMM foresees.

“LME copper has risen above the 5-day moving average, but some technical indicators still showed negative signs, so the prices are likely to edge up to $5,500-5,700 per tonne,” SMM research team says.

SHFE copper prices may move between 39,800-41,600 yuan a tonne. “Any movement in China’s stock market should still be eyed, and the price volatility may increase before expiration of the 1507 copper contract,” SMM analyst says.

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