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Home / Metal News / Rising Oil Price to Improve Copper Market (2016-4-19)

Rising Oil Price to Improve Copper Market (2016-4-19)

Apr 19, 2016 09:36

Source:SMM

Oil market rallied overnight, and the dollar weakened, boosting market sentiment.

SHANGHAI, Apr. 19 (SMM) – Oil market rallied overnight, and the dollar weakened, boosting market sentiment.

On Tuesday, SMM expects LME copper to trade in the USD 4,780-4,850/mt, and the most actively-traded copper contract on the SHFE will range between RMB 36,700-37,100/mt, with spot discounts between RMB 130-80/mt.

Key Macroeconomic Indicators for Base Metal Prices (2016-4-19)

copper price

copper price forecast

LME copper price

SHFE copper price

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SHFE 1610 copper started higher at RMB 36,360/mt and ended at RMB 36,530/mt, up RMB 250/mt with positions down 16,964.

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SHFE 1607 copper started at RMB 35,700/mt overnight and once dived to RMB 35,480/mt. The red metal rebounded to RMB 35,940/mt before closing the session at RMB 35,780/mt.

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LME copper will remain weak and range USD 4,590-4,630/mt during Asian trading hours Monday due to negative economic figures from China.

May 16, 2016 09:36

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Copper prices will head for further declines next week, SMM foresees.

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LME copper will range USD 4,680-4,720/mt during Asian trading hours Thursday.

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Rising Oil Price to Improve Copper Market (2016-4-19)

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