SHANGHAI, Mar. 6 (SMM) – LME copper will see more gains this coming week on prevailing bullish sentiment, SMM sees.
US non-farm payrolls added 242,000 in February, beating expectations for 195,000. This, together with positive ADP employment and initial jobless claims data released earlier, will favor the US dollar. That said, commodity prices have become less sensitive to movement of the US dollar index. Technically, LME copper looks set to advance to $ 4,780-5,000 per tonne.
China’s CPI, due to release later this week, is expected to continue rising in February on rising food prices and consumption during the weeklong holiday break in China. China’s PPI should continue falling at a slower pace. Copper processors in domestic market will enter the market to replenish raw materials this week after stocks built earlier become depleted. SHFE copper will climb to 36,500-39,000 yuan per tonne.
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