SHANGHAI, Oct. 10 (SMM) – There is little chance to see a big decline in copper price, and global macro-economic data is positive as a whole, but the impact from a rising dollar should be eyed. Technically, LME copper meets resistance at USD 6,700/mt, but is able to find support at the 60-day moving average. In China’s market, eyes should be on post-holiday downstream consumption, and SHFE copper will face corrections at around RMB 52,000/mt.
On Tuesday, LME copper is estimated to trade between USD 6,650-6,700/mt, and RMB 51,800-52,300/mt for SHFE 1712 copper. In China’s domestic copper market, cargo-holders will hold offers firm, with intense struggles expected between buyers and sellers. Spot premiums are expected between RMB 170-200/mt.