LME Copper to Test Support (2017-10-19)

Published: Oct 19, 2017 09:34

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Most base metals fell yesterday. Copper prices corrected down further due to strong US dollar.

SHANGHAI, Oct. 19 (SMM) – Most base metals fell yesterday. Copper prices corrected down further due to strong US dollar. LME copper will test support at the 5-day moving average and struggle around USD 7,000/mt in the short term, but will remain bullish in the medium and long term. LME copper will range USD 6,980-7,030/mt today, while SHFE 1712 copper will move at RMB 54,500-55,500/mt. Spot premiums will fall further to RMB 120-200/mt due to inflows of imported copper.

SHFE copper prices copper prices base metal price forecast

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