SHANGHAI, Aug. 14 (SMM) – LME copper will remain low next week due to falling crude oil prices and selling pressure, mainly trading at $ 5,050-5,280 per tonne, SMM expects.
In China, risk in copper market will grow with uncertainty over yuan’s exchange rate and stock market. Meanwhile, China’s copper consumption is still depressed during this slack season.
“Shorts will re-enter the market once copper price nears 40,000 yuan, so we expect SHFE copper to remain at 38,500-40,000 yuan per tonne next week,” SMM analyst says.
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