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LME Copper to Rise Further Next Week

iconDec 25, 2015 18:33
Source:SMM
LME copper prices are expected to break through the 40-day moving average next week, fluctuating between $4,650-4,800 per tonne, SMM predicts.

SHANGHAI, Dec. 25 (SMM) - LME copper prices are expected to break through the 40-day moving average next week, fluctuating between $4,650-4,800 per tonne, SMM predicts.

The US dollar index will continue falling, lending support to LME copper. Meanwhile, crude oil prices rebounded this week, and will also bolster commodity prices, said an SMM zinc analyst.

See SMM Survey, Please Click:50% China Copper Producers Pessimistic over Copper Prices This Week, SMM Survey

February delivery copper on the SHFE should climb to 35,500-36,900 yuan per tonne next week, with strong support from 40-day moving average, the analyst added.

“Sufficient liquidity will also help lift copper price. Market expectations are increasing that China will likely cut interest rate and reserve requirement ratio or execute other medium- and short-term facility to secure liquidity at the year’s end.” said the analyst.

In China’s spot markets, spot zinc will trade 200-100 yuan per tonne below SHFE copper for February delivery. Trading will mute. Some cargo holders will lower selling price to liquidate inventories. Downstream buyers will prefer cheap resources and goods with VAT invoices, but sales with VAT invoices will be limited due to year-end settlement. 

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