SHANGHAI, Jun. 26 (SMM) – Copper prices are expected to increase early next week, but will then fall back, SMM research team says.
“Positive technical indicators and exit of shorts at the end of the month will allow prices to lurch higher, but shorts will re-enter the market once LME copper prices touch the 20-day moving average,” an SMM analyst explains.
LME copper may move at $5,700-5,880 per tonne next week, and SHFE copper follow LME copper trends, with resistance at 42,800 yuan per tonne and support at 41,800 yuan.
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