LME copper to fall to $5,100-5,200 Next Week, SMM Says

SHANGHAI, Oct. 30 (SMM) –LME copper will fall to $5,100-5,200 next week, SMM says. 

The US dollar will stay elevated on US Fed’s hawkish tone. Crude oil prices will face heavy downward pressure from growing supply. LME copper has lost support at all moving averages. So, LME copper cannot escape the fate of decline. 

Market will wait to see whether the government will release measures and policies concerning the 13th Five-Year Plan after the 5th plenary session of the 18th CPC Central Committee just ended. Should China manufacturing PMI remains poor even after several interest rate and RRR cuts, shorts will return. SHFE copper should move lower to 38,300-38,900 yuan per tonne. 

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