SHANGHAI, Nov 10 (SMM) - Technically, LME copper's low price hit the 40-day moving average. 40-day and 60-day MA come close and become a strong support line. Estimation is that the price will keep low and go near $6750 / ton, but $6700-$6750 / ton may be the bottom of the decline. LME copper price for today is $6,800 - $6,850 / ton. The main price range of CU1801 is 53,200 – 53,700 yuan / ton. More purchases were made from the downstream yesterday and stabilized the price. Purchase may continue to increase after the price stays stable. Today's price is estimated to be from a 40 yuan / ton discount to a 20 yuan / ton premium.
The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and SMM assumes no liability for accuracy of information contained or quoted in the article.