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What Direction Will Copper Prices Go after Recent Declines? SMM Interviews

iconSep 24, 2015 10:59
Source:SMM
The decline in copper prices in recent one week erased price gains from Aug. 10 to Sept. 10. Will copper prices continue falling or turn around?

SHANGHAI, Sept. 24 (SMM) – The decline in copper prices in recent one week erased price gains from Aug. 10 to Sept. 10. Will copper prices continue falling or turn around? 

“The medium and long-term outlook for copper will remain weak amid growing worries on world’s growth, especially in China, and concerns over the US rate hike, and any short-term support, from both technical indicators and expectations on demand pick-up, will be small,” an analyst from Ruida Futures told SMM in an interview.  

A close eye should be paid to price movement on the LME in early October when the SHFE will be closed for the Chinese National Day holiday from Oct. 1-7, the analyst added. 

“There is a good chance of copper price to fluctuate at lows, with price at 37,000-40,000 yuan per tonne,” qhrb.com.cn reported, citing costs will prevent copper price from tumbling sharply. 

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