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SMM Morning Comments (Aug 20) - Price Review & Forecast
Copper: Prices of copper hovered rangebound without buoyance from macroeconomic development. Lower-than-expected eurozone consumer price index for July reinforced worries about slower global growth, which is set to pressure copper prices. Three-month LME copper traded around the $5,760/mt level overnight, ending up 0.3%, with the most-liquid SHFE copper closing some 0.4% higher on the day. Pressure above from the 40-day moving average and a limited sign of improvement from technical indicators may keep the contract between 46,400-46,800 yuan/mt today. LME copper is seen trading at $5,730-5,780/mt. Aluminium: Market ... (full story)