Copper Price to Lack Rising Strength in Short Term, SMM Interviews

SHANGHAI, Jul. 18 (SMM) – Last week, copper market advanced after falling at first, and what’s price outlook among market participants this week? SMM interviews give you more information on market sentiment. 

Jing Chuan, deputy general manager of Zhongda Futures, said there is no solid support for copper to jump in the off-demand season, with low chance for LME copper to challenge $6,200 per tonne. 

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Xu Maili, Nonferrous Researcher Director at Everbright Futures, echoed the view, noting that copper market will lack the rising momentum. Xu also added that copper market will also not drop sharply, and price will fluctuate at highs. 

Wang Zairong, chief consultant of one Beijing-based assets management company, told SMM that copper market will fall back from highs in the short run, and the $6,000 market will be the peak for LME copper for the foreseeable future. On the SHFE market, Mr. Wang expected SHFE copper to trade around 48,000 yuan per tonne, and with peak at 49,000 yuan per tonne, and selling is advised at 48,500-49,000 yuan per tonne, and the price may fall back to 45,000 yuan if failing to climb above 49,000 yuan. 

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