SHANGHAI, Jan. 27 (SMM) -- The US stock market tracked downward again following the news of liquidity concerns in China. As a result, the US dollar advanced, with the US dollar index climbing to around 78.4. LME copper prices closed at USD 7,395/mt, down USD 70/mt.
Base metal market was depressed by frequent news of credit tightening recently, and so copper prices will continue to show weak performance in the short term. However, SMM believes the negative impact from tighter liquidity is mainly on physiology, and the actual decline of liquidity will be limited. Hence, there is still possibility that copper prices will likely rise before the arrival of Chinese New Year holiday.
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