SHANGHAI, Sep. 13 (SMM) – Market should eye China August credit data and LME copper stock changes today. Other base metals rallied yesterday, but LME copper still hovered at lows due to big growth in stocks. Good performance in other base metals will put a floor under copper prices. Copper prices may face further downward corrections, but will regain upward momentum after corrections.
LME copper will range USD 6,650-6,710/mt today, while SHFE 1711 copper will move at RMB 51,000-51,500/mt.
In domestic spot market, spot premiums expand to RMB 20-70/mt.