LME Copper to Move at Highs Next Week, SMM Says

Published: Sep 23, 2016 18:51

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LME copper should move at highs of $ 4,720-4,900 per tonne in the coming week with positive technical indicators.

SHANGHAI, Sept. 23 (SMM) – LME copper should move at highs of $ 4,720-4,900 per tonne in the coming week with positive technical indicators, SMM predicts.

SHFE 1611 copper should challenge 38,400 yuan per tonne in the coming week once breaking through 38,000 yuan per tonne with longs gathering strength. But price gains will be curbed by cautious sentiment before the National Day holiday and SHFE copper faces downward correction pressure with a price gap at bottom after China’s Mid-Autumn Festival on September 15-17. As such, SHFE 1611 copper should fluctuate between 36,800-38,400 yuan per tonne.

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