LME Copper Still Has Potential to Shine, SMM Says

Published: Jul 20, 2017 16:22

Save

LME copper performed well in the first half of July and still has a good chance to advance further for the rest of the month, SMM foresees.

SHANGHAI, Jul. 20 (SMM) –LME copper performed well in the first half of July and still has a good chance to advance further for the rest of the month, SMM foresees.

Blister Copper Shortage Affects Copper Output at China Ten Major Smelters, SMM Reports

US CPI and retail sales are expected to remain weak in June, which will dampen the US dollar, thus supporting gains in LME copper, SMM explained.

Besides, China’s GDP grew 6.9% year-on-year in Q2, beating forecast. Shibor fell steadily after the People’s Bank of China injected liquidity, leaving market liquidity ample.

SMM Tells Why Deadlock Persists in Shanghai Imported Copper Market

Technically, LME copper has found solid support at the 5-day, 10-day and 20-day moving averages.

To sum up, SMM sees LME copper rising further to $ 5,800-5,950/tonne for the rest of July.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

LME copper prices copper prices copper price forecast

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

25 mins ago

Data: SHFE, DCE market movement (Sep 11)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 11 Sep , 2026

25 mins ago

29 mins ago

Copper prices center shifted lower, end-use demand saw significant volume growth, and SHFE copper spot premiums stabilized slightly [SMM SHFE Copper Spot]

[SMM Shanghai Spot Copper] Looking ahead to next week, on the night of September 10, SHFE copper prices pulled back notably from the previous trading day, erasing all weekly gains. The SHFE copper 2609 contract mainly traded in the range of 109,000–109,700 yuan/mt. As the center of copper prices shifted lower, downstream pricing activity improved significantly. According to SMM, some processing enterprises conducted concentrated pricing during the night session, with overall pricing volume notably higher than the previous trading day. Driven by concentrated pricing, downstream raw material procurement demand was released simultaneously, and inquiries and transactions in the Shanghai spot copper cathode market improved markedly from the previous trading day. In addition, the import window rarely opened, and expectations for subsequent imported copper supply edged up. Next Tuesday is the delivery date for the SHFE copper 2609 contract, and after the contract rollover, spot copper quotes against SHFE copper are expected to remain at a high premium.

29 mins ago

42 mins ago

Wait-and-see sentiment among cable end-users remained strong, and cable operating rates were under pressure during the week [SMM Wire and Cable Market Weekly Review]

42 mins ago