LME Copper to Look for Price Floor Next Week

SHANGHAI, May 20 (SMM) – LME copper will look for price floor and move between $4,520-4,650 per tonne next week, SMM predicts.

The US dollar index will continue to weigh on copper, SMM says. LME zinc inventories climbed further, narrowing backwardation on LME 3-month copper from $15 per tonne at the start of May to $2 per tonne.

The most actively traded copper contracts on the SHFE will move between 34,500-36,000 yuan per tonne. Any selling pressure will be limited. 

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