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47% of China Copper Plate/Sheet, Strip and Foil Makers Expect Copper Prices to Consolidate

Release time:2014-11-26

Nov 26, 2014 05:20 GMT   Source:SMM

 

SHANGHAI, Nov. 26 (SMM) – 47% of copper plate/sheet, strip and foil producers in China expect copper prices to consolidate, seeing LME copper and the most active SHFE copper at $6,600-6,720 per tonne and 47,000-47,700 yuan per tonne, respectively, SMM's latest survey of 21 producers shows. On the macro front, economic data from major economies were mixed. The US dollar index is expected to stay high at 87.5-88, which will keep copper prices in check. The CFTC report shows net short positions in copper fell to 25,561 lots for the week ending November 14, while LME’s Commitment of Trader Report indicates a decline in net long positions to 38,773 lots. These figures reflected intense game between shorts and longs. Chinese smelters s......