SHANGHAI, Nov. 26 (SMM) -- The US personal spending in October increased; the number of applications for unemployment benefits during previous week dropped to 466,000, setting a new low for 2009; the US new home sales were higher than expected in October. The series of positive economic data helped push up US stocks, and Dow Jones Index and S&P 500 Index both set 13-month high; the US dollar weakened, and the US dollar index dropped to 74.3; LME gold prices set a new high, approaching USD 1,200/oz.
In the context, LME copper prices stood above USD 7,000/mt again supported by positive economic data and rising neighboring markets, raising market confidence in further gains for copper prices. Today, the US financial markets were closed for Thanksgiving Day holiday, and LME copper prices stabilized at USD 7,000/mt despite of a lack of US dollar direction, and will continue to advance in the near future.
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