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Home / Metal News / LME Copper to Build Upward Momentum Next Week

LME Copper to Build Upward Momentum Next Week

Jan 30, 2016 09:23

Source:SMM

LME copper will build upward momentum next week, SMM expects.

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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LME copper prices

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SHFE 1703 copper opened at RMB 46,780/mt today, and rose to RMB 47,600/mt on possible strike news at Escondida copper mine. In the afternoon, SHFE 1703 copper reached RMB 47,690/mt, and closed at RMB

Feb 8, 2017 17:57

SMM Comments

SHFE 1703 Copper Closes with Increase (2017-2-8)

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The metal prices are headed for the biggest monthly gain in almost a decade.

Nov 28, 2016 11:01

Industry

SHFE Copper Finishes with Gains (2016-9-30)

SHFE 1611 copper started at RMB 37,670/mt and ended at RMB 37,720/mt on Friday.

Sep 30, 2016 19:03

SMM Comments

SHFE Copper Closes Higher (2016-9-19)

HFE 1611 copper started higher at RMB 37,100/mt and ended at RMB 37,230/mt, up RMB 590/mt with positions down 12,166.

Sep 19, 2016 17:35

SMM Comments

SHFE Copper to Move Lower (2016-9-9)

LME copper is expected to range between USD 4,640~4,680/mt on Friday and SHFE 1611 copper will fluctuate at RMB 36,450~36,750/mt.

Sep 9, 2016 09:42

SMM Comments

LME Copper to See Range-Bound Trading (2016-9-5)

LME copper should range between USD 4,615-4,655/mt on Monday and SHFE 1611 copper will move at RMB 36,350-36,700/mt.

Sep 5, 2016 09:56

SMM Comments

LME Copper to Seek Direction from US Non-Farm Result, SMM Says

LME copper will seek direction from US August non-farm payroll report in the coming week, SMM foresees.

Sep 2, 2016 19:33

SMM Comments

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

LME copper will fall to $5,100-5,200 next week, SMM says.

Oct 31, 2015 08:54

SMM Insight

SMM Expects Copper Prices to Extend Loss and Test $5,850 Next Week (Jun. 8-12, 2015)

Enhanced technical resistance and the strong dollar will send LME copper lower next week to test $5,850 per tonne, SMM predicts.

Jun 5, 2015 18:02

SMM Comments

SMM Copper Market Morning Review (2015-1-26)

LME copper is set to hover at USD 5,430-5,520/mt, while the most active SHFE 1504 copper contract is expected to move at RMB 39,300-40,300/mt on Monday.

Jan 26, 2015 10:06

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LME Copper to Build Upward Momentum Next Week

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