Copper Prices to Rise Further (2017-10-11)

SHANGHAI, Oct. 11 (SMM) – LME copper performed well due to an acceleration in global economic recovery, and SHFE copper also held firm because of high premiums in domestic spot market. An increase in long positions on SHFE distant month copper contracts will push copper prices up further. LME copper will range USD 6,730-6,780/mt today, while SHFE 1712 copper will move at RMB 52,000-52,500/mt. Spot premiums will expand to RMB 220-280/mt in domestic market.