SHANGHAI, Feb. 1 (SMM) -- The US GDP was up 5.7% during 4Q, well above the expected 4.6%. Following the positive news, the US dollar advanced, helping the US dollar reach as high as 79.4. As a result, metal markets continued to drop, and LME copper prices weakened further, with prices falling as low as USD 6,727/mt, and prices closed at USD 6,735/mt, down USD 140/mt. LME copper prices remained below the 60-day moving average, with technical indicators pointing downward.
SMM believes copper prices will likely rebound this week, but prices will continue to show weak performance before Chinese New Year holiday, once the US dollar remains strong.
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