SHANGHAI, Mar. 2 (SMM) -- LME copper prices surged following a massive earthquake in Chile, reaching as high as USD 7,580/mt, and prices fell back later due to a rebounding US dollar, with prices finally ending at USD 7,355/mt, up USD 130/mt. The euro weakened along with financial issues in the UK and Greece's debt concerns, helping the US dollar index rebound to around 80.8.
Although SHFE copper prices soared yesterday, spot copper market showed limited response, and a cautious attitude continued to dominate the market.
SMM believes copper market will experience fluctuations after the news of earthquake in Chile is fully absorbed by the market, and with possibility of moving up further, but will meet great resistance at USD 7,600/mt.
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