SHANGHAI, Feb. 3 (SMM) -- The US pending home sales were up 1.0% to 96.6 in December, and favorable corporate earnings drove up the US stock market. However, a cautious attitude was prevailing in currency exchange market before the US announces its non-agricultural employment rate on Friday. The US dollar index fell to around 78.9, pushing up commodity market. LME copper prices closed at USD 6,845/mt, up USD 15/mt. LME copper prices are expected to move in the USD 6,700-6,800/mt range in the near future.
In domestic copper market, transactions in pre-holiday market were brisk in north China. However, market trading sentiment was lackluster in the Shanghai and other markets in the southern part of China, since a large amount of imports were circulating in east and south China. Downstream stock replenishment will be complete this week as the Chinese New Year holiday will come soon.
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