LME Copper to Face Downward Pressure (2016-8-2)

Published: Aug 2, 2016 09:37

Save

LME copper will face downward pressure and range USD 4,850-4,890/mt during Asian trading hours Tuesday.

SHANGHAI, Aug. 2 (SMM) – LME copper will face downward pressure and range USD 4,850-4,890/mt during Asian trading hours Tuesday.

Crude oil fell back while US dollar grew slightly overnight. LME copper posted declines.

SHFE 1609 copper will fluctuate between RMB 37,500-38,000/mt on Aug. 2. Spot copper in China will be offered at premiums of RMB 0-90/mt against SHFE 1608 copper.

Key Macroeconomic Indicators for Base Metal Prices (2016-8-2)

LME copper prices SHFE copper prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

13 hours ago

[SMM Analysis] Weak End-User Demand but Firm Costs, High-Grade NPI Prices Rose Steadily

[SMM Analysis: Weak End-User Demand but Firm Costs, High-Grade NPI Prices Rose Steadily] The average SMM 10-12% high-grade NPI price rose 2.2 yuan/nickel unit WoW to 1,089.9 yuan/nickel unit (ex-factory, tax included), while the average Indonesian NPI FOB index price increased $0.39/nickel unit WoW to $138.93/nickel unit. This week, mainstream steel mills released tender prices, and the market came under brief pressure.

13 hours ago

[SMM Analysis] Inventories Fall Below 1 Million mt, Costs and Geopolitical Risks Keep Stainless Futures Elevated

13 hours ago

Rising Nickel Ore Costs Push Up NPI Production, Squeeze Smelter Profits

[SMM Nickel Flash] Raw material side, nickel ore costs were still rising, driving high-grade NPI production costs to maintain an upward trend. Meanwhile, the increase in high-grade NPI prices slowed down, putting pressure on smelter profit margins.

13 hours ago