SHANGHAI, Sept. 28 (SMM) – LME copper ended down 0.89% last Friday as the US dollar index rose after US Fed Chair Yellen hinted possible rate hike later this year.
The US dollar stayed high on positive US economic data. Sluggish Chinese economy will continue to pressure base metals. LME copper should move at USD 5,020-5,080/mt on Monday, and SHFE 1512 copper should fall to RMB 38,300-38,800/mt. In China’s spot market, spot discounts of RMB 0-60/mt and premiums of RMB 0-10/mt are expected over SHFE 1510 copper contract.