SHANGHAI, Mar. 10 (SMM) -- The LME copper market overnight felt pressure from a higher dollar, experiencing corrections after opening at USD 7,430/mt. LME copper market was supported by a rising US stock market and higher Dow Jones index. LME copper inventories dropped further, down 2,700 mt, and cancelled warrants unexpectedly surged to 26,725 mt, underpinning market confidence that market demand is improving. In this context, LME copper prices closed at USD 7,510/mt, up USD 40/mt from a day earlier.
Now, focus is shifting to China trade data due on Wednesday, and some data is expected to represent moderate declines due to Chinese New Year holiday in February. SMM believes SHFE copper prices will continue to test RMB 60,500/mt today.
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