SHANGHAI, Sept. 11 (SMM) –LME copper is on track for more gains next week after hitting two-month high of $ 5,435 per tonne, Shanghai Metals Market foresees.
Technical indicators are positive, and LME copper should challenge resistance at $5,450 per tonne.
Ample market liquidity will allow SHFE 1511 copper to rise to 41,800 yuan per tonne.
In China’s spot market, more imported copper will flow in amid high SHFE/LME copper price ratio. This will narrow spot premiums to 20-50 yuan per tonne over SHFE front-month contract.
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