SHANGHAI, Sep. 11 (SMM) – Capital has flowed out from base metals market for three days on market panic. Copper prices will face further downward pressure in the short term. LME copper will range USD 6,670-6,720/mt today, while SHFE 1711 copper will move at RMB 50,750-51,200/mt.
In domestic spot market, holders of hedged goods will rush to sell. Lower SHFE copper will probably widen spot premiums to RMB 10-50/mt.