SHANGHAI, Sep. 15 (SMM) – Technically, LME copper and SHFE 1711 copper have found strong support at USD 6,400/mt and RMB 50,000/mt, respectively. Copper delivery to LME warehouses will end soon. So, LME copper may see a small rally in the short term. Competition between longs and shorts will become fiercer at current price levels.
LME copper will range USD 6,480-6,530/mt today, while SHFE 1711 copper will move at RMB 50,200-50,600/mt.
In domestic spot market, spot premiums are expected at RMB 80-120/mt. Downstream consumption picked up notably.