SHANGHAI, Sep. 8 (SMM) – Capital outflows led to corrections in base metals, but copper held relatively firm. Copper prices will face growing resistance, though. A stronger yuan will cause SHFE copper to perform not as well as LME copper.
LME copper will range USD 6,880-6,930/mt today, while SHFE 1711 copper will move at RMB 52,550-52,950/mt.
In domestic spot market, spot premiums of RMB 10-70/mt are expected.