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Home / Metal News / Copper Prices to Challenge Previous Highs (2017-10-13)

Copper Prices to Challenge Previous Highs (2017-10-13)

Oct 13, 2017 09:17

Source:SMM

Position structure shows longs are raising bets on distant month contracts.

SHANGHAI, Oct. 13 (SMM) – Position structure shows longs are raising bets on distant month contracts. Technical side is positive. A soft dollar will also offer upward momentum to copper prices. LME copper will range USD 6,850-6,900/mt today, while SHFE 1712 copper will move at RMB 53,200-53,700/mt. Spot discounts will expand to RMB 100-250/mt in domestic market if the price spread between SHFE 1710 and 1711 copper remains large.

SHFE copper prices

copper prices

base metal price forecast

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The October CPI in the US due last week increased by 6.2% year-on-year, the biggest increase in 31 years, and up 0.9% month-on-month, the largest gain in four months.

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LME aluminum should move at highs of USD 1,950-1,975/mt today.

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LME market will reopen on Tuesday, and eyes should be price support at lows on Tuesday, both on the LME and SHFE market.

Apr 18, 2017 09:11

SMM Insight Industry

SMM Price Outlook for Base Metals on SHFE (Apr. 18, 2017)

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Apr 17, 2017 09:14

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On Friday’s afternoon business, SHFE 1705 tin drifted lower amid growing shorts, but finally closed up 920 yuan per tonne or 0.63 percent from the previous trading day.

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SMM Insight Industry

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SMM Comments

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Jan 26, 2017 17:54

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Copper Prices to Challenge Previous Highs (2017-10-13)

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