What’s Outlook for Copper Price This Week? SMM Surveys

Published: Jul 17, 2017 09:57

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Last week, LME copper fell at first, and then rallied, and SHFE 1709 copper, following LME copper, dropped in early week, but then advanced with position opening by longs.

SHANGHAI, Jul. 17 (SMM) – Last week, LME copper fell at first, and then rallied, and SHFE 1709 copper, following LME copper, dropped in early week, but then advanced with position opening by longs.

SMM Copper Demand Surprise Index: China Copper Demand Outperforms Expectation both in June and July 2017

What’s outlook for copper price this week?

SMM survey of major market participants finds that approximately 35 per cent of them are bullish, expecting SHFE 1709 copper to be at +2 per cent over price in daily trading on July 14.

About 40 per cent of participants take neutral stance, while the rest are bearish over copper price this week.

Copper Concentrate Supply Threat Remains, with Spot TCs Unchanged, SMM Reports

SMM expects SHFE three-month copper to hover at highs, with prices expected between 46,500 -47,500 per tonne this week.

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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.

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