LME Copper to See Range-Bound Trading (2017-5-10)

Commerzbank said on Thursday December 2 that it expects that by the end of next year, the copper prices should be trading around $9,500/mt.

The copper prices surged again after the National Day holiday. The US dollar index fell below 94 from a high of 94.5. The US crude oil prices have jumped to $82/barrel after rising for more than one month, driving a rally in the global industrial product prices. The global copper inventories are at a historical low. The LME copper cash-to-three-month backwardation expanded rapidly to $257/mt after breaking through $100/mt, setting a new high since 2007. LME copper exceed $10,000/mt to a high of $10,300/mt, with a weekly increase of 9.25%.

SHFE 1710 copper opened at RMB 51,370/mt and closed higher at RMB 51,420/mt.

JXTG Holdings announced to lower copper output target for 2017 at its Caserones copper mine in Chile, as power cut suspended output in May.

LME copper will trade at USD 5,780-5,820/mt on Tuesday and SHFE 1705 copper will move at RMB 47,200-47,700/mt.

SHFE 1705 copper started at RMB 46,590/mt and closed at RMB 46,650/mt, down RMB 320/mt.

SHFE 1703 copper opened at RMB 45,400/mt and finally ended at RMB 45,730/mt.

LME copper is expected to range between USD 5,450-5,550/mt during Asian trading hours on Friday and SHFE 1703 copper will move at RMB 45,000-45,700/mt.

LME copper will range between USD 5,540-5,690/mt and SHFE 1703 copper is predicted to move at RMB 45,150-46,340/mt on Wednesday.

SHFE 1702 copper opened at RMB 44,660/mt and finally closed at RMB 44,070/mt, down RMB 730/mt.