SHANGHAI, Sept. 4 (SMM) – LME copper will find solid support at the 10-day moving average, Shanghai Metals Market foresees.
LME copper should move between $5,020-5,150 per tonne, SMM says. Markets are expecting that the US Fed will delay interest rate hike beyond September, given recent signs of weakening global economy and negative ISM manufacturing PMI, which slowed to over two-year low in August. The US dollar softened as a result, which will offer temporary breathing room for LME copper.
SHFE 1511 copper should move at 38,700-39,500 yuan per tonne, with trading activity turning active.
In China’s spot market, more imported goods will flow in given high SHFE/LME copper price ratio. When combined with upcoming delivery date of SHFE 1509 copper contract, spot coppwe might trade on par with SHFE 1509 contract.
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