SHANGHAI, Feb. 2 (SMM) -- the US Institute for Supply Management announced the ISM manufacturing index was 58.4 in January, higher than expected level of 55.5, setting a new high since August 2004. The news drove up US stock market, weighing on the US dollar, with the US dollar index falling to around 74.2. In this context, LME copper prices rebounded from a low level of USD 6,692/mt, with prices closing at USD 6,791/mt, up USD 41/mt. LME copper prices remained below 5-day moving average, with strong pessimistic outlook.
In the short term, SMM believes LME copper prices will not drop below USD 6,500/mt.
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