FORECAST: Copper prices expected to stabilise in October, analyst says

Copper prices are expected to maintain the current range and trade between $6,365-6,770 per tonne in October amid easing geopolitical tensions and calmer market conditions, according to INTL FCStone analyst Edward Meir.

Throughout September, copper prices erased August's rally due to a surge in London Metal Exchange stocks, a stronger dollar and meddling Chinese data. Additionally, Hurricanes Irma and Maria devastated the US city of Houston and the Caribbean, affecting short-term demand for commodities.

LME copper stocks moved as high as 313,850 tonnes in September, up 40.7% from August's low of 223,050 tonnes but still 1.9% below the July peak of 319,975 tonnes, according to exchange data. However, stocks retreated somewhat by month's end, closing September at 295,500 tonnes.
...

Published

Dalton Barker

October 03, 2017

03:28 GMT