LME Copper Price Dives after Delivery Triggers Inventory Surge, Where is it Head? SMM Reports

SHANGHAI, Sept. 13 (SMM) – LME 3-month copper continued falling after closing of the SHFE market on September 13, down 1.22% as of 4:31 pm.

LME copper fell over the past few days after reaching a 3-year high on September 5 due to a surge in LME copper inventories, SMM reckoned.

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LME copper inventories increased 27,850 to 246,575 tonnes after one large trader delivered goods to LME warehouse. Position closing after profit-taking is also a factor dragging down LME copper prices, SMM said.

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Where will copper price head?

Market players mostly believe copper price will fall further to the 40-day moving average. November copper on the SHFE will fall to 50,000 yuan per tonne, and LME copper will drop to $6,500 per tonne. 

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