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Fundamentals to weigh on copper prices despite strong start this week
Despite rebounds in Shanghai copper prices in the week to Tuesday June 11, SMM retains a bearish outlook on copper prices in June as an approaching low season will further weaken consumption. SMM expects the most-active SHFE August copper contract to face pressure from the 47,500 yuan/mt level in the short term. The August copper contract rebounded for two consecutive trading days as of Tuesday June 11, by some 2%, after it fell to a two-year low, below the 46,000 yuan/mt level last Thursday. Improved macroeconomic sentiment accounted for the rebound. The US dollar dropped on disappointing nonfarm payroll data last ... (full story)