SMM: LME Copper Expected to Test $6,700 per Tonne in Short Term

SHANGHAI, Nov.8 (SMM)－With copper price of foreign market going down, SHFE 1801 drops over 2% and LME Copper drops slightly. SMM thinks the drop this week is mainly caused by poor consumption and more supply as well as weaker end consumption due to price surge. Meanwhile price rise also leads rise of scrap copper consumption as substitute for copper concentrates. In the short term SHFE 1801 is expected to test 52,500-52,800 yuan per tonne. LME Copper will probably test $6,700 per tonne.

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