Copper prices are expected to be rangebound due to weak supply and demand

The number of initial jobless claims in the United States increased by 9,000 at 225,000 2 weeks ago, in keeping with market expectations.

The market’s excitement on China’s re – opening has steadily faded, and risk appetite has dropped. As a result of China’s easing of COVID-19 control rules.

Copper Prices Forecast

ShreeMetalPrices research noted that as of 30th Dec, the average inventory was 18,300 metric ton.

The most actively trade SHFE copper is forecast to fluctuate this week between 65,400 – 67,100 yuan/metric ton.

While LME copper will trade between $8,250 – 8,400 $/Metric ton.

This week, spot premiums are anticipate to fluctuate between 120 to 200 yuan/metric ton.