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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