Copper Prices to Carry on Rising Strength Next Week, SMM Expects

Published: Nov 4, 2016 18:41

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Copper on both SHFE and LME will head for further gains next week, SMM expects.

SHANGHAI, Nov. 4 (SMM) – Copper on both SHFE and LME will head for further gains next week, SMM expects.

The US dollar index should swing more wildly around 97.5 due to growing uncertainty over US presidential election. Any further decline for crude oil prices will be limited.

LME copper should challenge previous high of $5,030/tonne, with positive technical side.

China will release October CPI and PPI next week, which are expected to be positive. Recent moves suggest the PBOC intends to stabilize rather than tighten market liquidity. SHFE 1701 copper will advance to 38,500-39,900 yuan/tonne, with positive technical indicators.

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