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Home / Metal News / LME Copper to Face Downward Pressure (2017-9-14)

LME Copper to Face Downward Pressure (2017-9-14)

Sep 14, 2017 09:35

Large-scale copper delivery to LME warehouses will probably continue.

SHANGHAI, Sep. 14 (SMM) – Large-scale copper delivery to LME warehouses will probably continue. If so, LME copper will test support at the 40-day moving average. Technically, LME copper has found support at USD 6,400/mt. LME copper will range USD 6,510-6,570/mt today, while SHFE 1711 copper will move at RMB 50,200-50,700/mt.

In domestic spot market, spot premiums expand further to RMB 50-100/mt. Downstream producers could step up dip-buying.

SHFE copper prices

copper prices

base metal price forecast

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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LME Copper to Face Downward Pressure (2017-9-14)

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