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SMM Morning Comments - Price Review & Forecast
Copper: London and Shanghai copper traded rangebound at lows overnight. Three-month LME copper hovered around $5,760/mt, while the most active SHFE October contract opened lower at 46,400 yuan/mt and ended at 46,490 yuan/mt. Open interest for the SHFE copper complex expanded by 5,200 lots, as shorts loaded up their positions. Weak economic data from China and Germany, and waning optimism about US-China trade talks will weigh on copper prices. LME copper is expected to trade between $5,740-5,780/mt today, with SHFE copper at 46,200-46,600 yuan/mt. Spot premiums are seen at 60-120 yuan/mt. Aluminium: Three-month LME ... (full story)