Will Rises in Copper Market Come to Halt? SMM Surveys

SHANGHAI, Jul. 28 (SMM) – As of closing time at Asian daily trading hours on July 28, SHFE 1709 copper advanced by 3.61 per cent or 1,740 yuan per tonne, with prices mainly trading between 47,720-50,730 yuan per tonne.

Will the gain be continuing or come to a halt in the coming week?

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According to SMM survey of market participants, approximately 50 per cent of market participants are bearish, and price may fall by more than 2 per cent. 

Around 31 per cent of participants take a neutral stance, expecting copper price to trade at +- 2% per cent over closing price of 49,940 yuan per tonne in daily trading on July 28, and the rest are bullish, seeing a 2 per cent in price gains. 

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