LME Copper Still Has Potential to Shine, SMM Says

Published: Jul 20, 2017 16:22

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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.

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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.

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