SHANGHAI, Sept. 8 (SMM) – Will Glencore’s production cut news give a boost to the dull copper market?
“The cut news should serve as a short-term factor on copper prices, and demand downstream will be always the decision one,” an analyst from Western Futures told SMM in an interview.
LME copper rose to test resistance at $5,200 per tonne following Glencore’s news, but later fell back, as noted in SMM’s copper morning review.
“At present, the whole base metal market remains bearish, and China’s weak demand and US’s interest rate decision are the two major risky factors,” the analyst added.
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