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

Published: Sep 14, 2017 09:35

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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

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