SHANGHAI, Jul. 24 (SMM) – Copper prices are expected to drift lower next week with the US dollar index on the rise, SMM foresees.
“The strong dollar supported by interest rate hike hope will be a direct drag on copper price,” SMM analyst says, “now that technical support from $5,200 per tonne is fragile, we expect LME copper to test support from $5,080 per tonne.”
SHFE copper is expected to follow LME copper down to 37000-39300 yuan per tonne.
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