LONDON (Commodity News World): London Metal Exchange copper prices weakened Friday, but doesn’t not look for a sharp sell-off, said Triland Metals in a research note.
Triland points out that while Shanghai Futures Exchange copper stocks rose 5,401 metric tons, LME stocks have been falling, declining by 3,250 tons Friday alone, with a “good amount” of this happening in the U.S.
“There seems to be some demand there and physical premiums are rising. The prices did not move higher today, maybe indicating some technical weakness, but the fundamental side should be strong enough to prevent a sharp drop. A strike at First Quantum's Zambian copper mine should provide support,” Triland added.
LME copper closed down $49 at $8,580 a metric ton.
Triland points out that while Shanghai Futures Exchange copper stocks rose 5,401 metric tons, LME stocks have been falling, declining by 3,250 tons Friday alone, with a “good amount” of this happening in the U.S.
“There seems to be some demand there and physical premiums are rising. The prices did not move higher today, maybe indicating some technical weakness, but the fundamental side should be strong enough to prevent a sharp drop. A strike at First Quantum's Zambian copper mine should provide support,” Triland added.
LME copper closed down $49 at $8,580 a metric ton.
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