SHANGHAI, Oct. 26 (SMM) -- Last Friday, LME copper prices opened at USD 6,600/mt, and then hit the daily high and yearly high of USD 6,714/mt, but later fell due to profit-takings and hit the daily low of USD 6,571/mt negatively affected by rebounding US dollar, and closed at USD 6,639/mt finally.
The National Association of Realtors released on Friday that the US existing home sales in September grew by 9.4% to an annual rate of 5.57 million units, higher than previous forecast of 5.35 million units, hitting a new high since July 2007. The positive housing data helped drive up copper prices to a yearly high. However, the US dollar index rebounded continuously to a daily high of 75.45, resulting in profit-takings of LME copper. Hence, LME copper prices closed at USD 6,639/mt, only up USD 39/mt, with a gain of 1.05%.
LME copper prices will likely face slight reduction in the near term given continuous growth in copper prices recently, but will feel hard to break through USD 6,500/mt. LME copper prices will still in upward track in view of positive macro economic news and weakening US dollar.
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