SHANGHAI, Mar. 8 (SMM) -- According to official data, the US non-farm employment reduced by 36,000 in February, with unemployment rate of 9.7% for the month. The better-than-expected employment data supported financial markets, and the US stocks and dollar both gained. In this context, LME copper prices fell back, but later rebounded due to a falling US dollar from improved risk appetite. Last Friday, LME copper prices closed at USD 7,540/mt, up USD 130/mt. In addition, LME copper inventories fell by 1,075 mt, supporting market sentiment as well.
SMM believes LME copper prices will move around USD 7,500/mt this week.
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