Copper Prices to Rise Further (2017-10-16)

SHANGHAI, Oct. 16 (SMM) – Most Chinese economic data were positive. M2 growth saw the first rally in eight months in September. Social financing and new yuan lending topped forecasts. Import and export data showed domestic and overseas demand was strong. Weaker dollar also benefited copper prices. SHFE copper stocks stayed low. Technical side is positive. So, copper prices will rise further, but longs may take profits at highs. LME copper will range USD 6,860-6,910/mt today, while SHFE 1712 copper will move at RMB 53,200-53,700/mt. Spot discounts will expand to RMB 150-50/mt in domestic market if the price spread between SHFE 1710 and 1711 copper remains large.