SHANGHAI, Nov. 14 (SMM) –LME copper will search for floor next week, SMM predicts.
The US dollar will remain firm as the ECB hinted at extension of QE after September 2016. Crude oil has hit $40/bbl and is on track to fall below $40/bbl. So, LME copper should swing wildly between $4,750-5,050 per tonne next week.
See SMM Survey, Please Click:53% China Market Players Expect Copper Rallies This Week, SMM survey
Macro front, market fundamentals and technical side all bode ill for SHFE copper. China’s industrial value-added slowed more than expected to 5.6% in October, and fixed asset investment also eased to 10.2% January-October. China’s refined copper output hit a 4-month high and grew for three months in a row. Large Chinese smelters will ramp up production to fulfill annual targets. SHFE copper will drop further to 35,300-37,200 yuan per tonne.
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