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.