LME and SHFE Copper to Look for Price Floor Next Week, SMM Expects

SHANGHAI, May 14 (SMM) – Copper prices will head for further declines next week, SMM foresees.

The US dollar index will hover near highs of 94 in the short term. Production expansions at major oil producing countries mean crude oil will face downward pressure at highs. Technical side is negative for LME copper, which will drop to $4,550-4,700 per tonne. 

China’s urban investment and consumer goods retail sales are expected to grow in April, which will improve market sentiment. But concerns will remain over shrinking demand. SHFE 1606 copper will fall to 35,000-36,500/mt.   

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