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Home / Metal News / LME Copper to Remain in Downward Pressure (2017-7-6)

LME Copper to Remain in Downward Pressure (2017-7-6)

Jul 6, 2017 09:30

Source:SMM

LME copper will trade at USD 5,830-5,870/mt on Thursday, and SHFE 1709 copper will fluctuate between RMB 46,650-46,950/mt.

SHANGHAIM, Jul. 6 (SMM) – According to US Federal Reserve’s July meeting minutes, officials are divergent on commission time of balance sheet cut, but this will not make impact on futures market as the news have been digested. Continuous growth in LME copper inventory dragged down LME copper, but, a possible strike at Antofagasta copper mine will restrict the decline. LME copper will trade at USD 5,830-5,870/mt on Thursday, and SHFE 1709 copper will fluctuate between RMB 46,650-46,950/mt.

In China’s domestic market, spot copper should trade at premiums of RMB 20-70/mt on Thursday.

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