SHANGHAI, Jan. 30 (SMM) – LME copper will build upward momentum next week, SMM expects.
The US dollar index sill struggle around 98.5-99.5. The OPEC appeals for production cuts, which will favor crude oil prices. Crude oil should challenge resistance at $35.5/bbl. LME copper has found solid support at $4,465 per tonne and will rise to $4,460-4,615 per tonne.
Market will eye China’s official manufacturing PMI and Caixin’s China manufacturing PMI for January. Optimism over market conditions after the 2016 Chinese New Year holiday will drive SHFE copper up to 35,200-36,200 yuan per tonne.
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