SHANGHAI, Jun. 14 (SMM) – Copper prices on the SHFE have been rising since the return from Dragon Boat Festival from Jun. 9-11. 

Will the copper market keep advancing? 

Most of participants in SMM latest interview take a pessimistic outlook. 

“Recent gains in copper market are passive ones, and copper for August delivery on the SHFE, the most active one, is expected to trade between 34,800-35,700 yuan per tonne this week, and may test 34,800 yuan in the short term,” an analyst from Zhongda Futures told SMM in the interview. 

An analyst from Nanhua Futures also expressed his worries over market fundamentals, and said the gains would be unsustainable, expecting the most active copper contract at 34,500-36,000 yuan per tonne this week. 

Another analyst from Shanghai CIFCO Futures also echoed the views, and short-covering was the main driver behind the gains. 

“SHFE 1608 is not expected to climb above 36,000 yuan in the short term, and to trade between 36,200-34,800 yuan per tonne this week,” the analyst estimated.  

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