SHANGHAI, Mar. 11 (SMM) -- According to the US Department of Commerce, the US retail inventory was down 0.2% in January following improved demand, with retail sales up 1.3% to USD 346.7 billion, 10 consecutive month of growth. China’s imports of unwrought copper and copper semis were 322,282 mt in February, up 30,186 mt, boosting LME copper prices. However, the US posted its largest budget deficit on record in February according to Treasure Department, at USD 221 billion, casing a shadow on economic recovery in the US. In this context, LME copper market overnight (March 10th) closed at USD 7,420/mt, down USD 90/mt.
SMM believes LME copper prices will move around USD 7,500/mt in the short term, given no further progress in debt issues in some EU countries.
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