SHANGHAI, Mar. 16 (SMM) -- The euro felt pressure before the meeting of finance ministers of the EU, helping the US dollar to rebound. As a result, the US dollar index returned above 80. Although LME copper inventories declines of 1,375 mt yesterday, and news of power outage in Chile were positive for copper prices, LME copper market showed weak performance following a stronger US dollar, with prices finally closing at USD 7,310/mt, down USD 150/mt.
A weaker SHFE copper market on Monday depressed market confidence, with stronger pessimistic sentiment in the market. However, SMM believes high demand season has not come yet, and copper prices are able to find solid support at the existing low-end level. In the short term, SHFE copper prices will continue to experience corrections, and should not be too pessimistic toward outlook.
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