SHANGHAI, Jan. 20 (SMM) -- The euro depreciated following the news that the investor confidence in January dropped the lowest level in Germany since last July. As a result, the US dollar advanced, helping the US dollar index to climb to around 77.5. Since the U.S. Republican Party is likely to win the Massachusetts election, which will depress Obama’s health reform, the US stock market strengthened, whose gains overshadowed the impact from a stronger US dollar and increases of inventories. In this context, the commodity market advanced, with prices of crude oil and base metal climbing higher. LME copper prices closed at USD 7,545.2/mt, up 45.2/mt. SHFE copper prices strengthened as well following optimistic expectations of China’s economic data to be released this Thursday, but failed to break through the existing fluctuating range.
SMM believes LME copper prices will move around the USD 7,500/mt mark during the second half of the week.
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