LME Copper May Hold Steady at $4,980-5,150 Next Week

Aug 23, 2015 20:33

SMM expects LME copper price to stay at $ 4,980-5,150 yuan per tonne next week.

SHANGHAI, Aug. 21 (SMM) – LME copper price is likely to stay at $ 4,980-5,150 yuan per tonne next week, SMM predicts

"Technically, LME copper has been treading water around the 20-day moving average since last Thursday, and is unlikely to rise significantly," SMM analyst says.

In China, Interbank interest rate increased some lately, presaging tightening liquidity conditions. This leads markets to believe the PBOC may cut RRR again. At the same time, volatility in China’s stock market will grow. In this context, SHFE copper prices are likely to remain resistant to declines and move at 38,300-39,500 yuan per tonne next week.

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LME Copper May Hold Steady at $4,980-5,150 Next Week

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