SHANGHAI, Aug. 7 (SMM) – Chances remain slim for copper price to stage a rally next week, SMM research team holds.
“The dollar will gain more from the growing hope for Fed’s interest rate hike and potential risk from Greece, meaning the red metal is still under pressure,” SMM analyst notes.
“At the same time, technical indicators continued to show negative signs, so we expect LME copper to stay low at $5,150-5,250 per tonne next week,” the analyst adds.
SHFE copper prices are still vulnerable to movements in China’s stock market and LME copper, and may move at 37,300-38,300 yuan per tonne.
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