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Home / Metal News / LME Copper to Test Support (2017-10-19)

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

Oct 19, 2017 09:34

Source:SMM

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

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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