LONDON (Commodity Online): China's Lunar New Year holidays will likely mean a quiet week on the London Metal Exchange, said RBC Capital Markets in a research note.
According to RBC, the base-metals complex started the day mixed before a stronger euro enabled prices to rally. Around 8:52 a.m. EST, the single European currency was up to $1.3018 from $1.2928 late Friday. All eyes will be China next week after the holiday.
“We are still not confident the Chinese will return as buyers if the Copper price begins with an 8, but the red metal has technical momentum on its side and the charts certainly indicate further gains are likely,” RBC added.
Looking for a range of $8,100 to $8,500 a metric ton over the next few days. In early New York hours, LME three-months copper was $135 higher at $8,355 a metric ton, RBC concluded.
