SHANGHAI, Jan. 25 (SMM) -- The US president Obama's proposal of new banking regulations sent the financial market lower. LME copper prices dropped to the low level of USD 7,195/mt, and prices closed at USD 7,390/mt following buying activities at lower prices.
SMM believes the round of price declines has made enough corrections to the previous price gains, and so copper prices will generally show a stable movement this week. Downstream stock replenishment will come to an end this week, and lower prices will likely stimulate spot consumption.
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