SHANGHAI, Mar. 23 (SMM) -- The US stocks surged after the pass of healthcare reform bill, weighing down the US dollar. The US dollar index fell from 81.08 to 80.56. In this context, LME copper prices rebounded to USD 7,460/mt. Prior to this, LME copper prices dropped as low as USD 7,305/mt due to rising US dollar, suggesting the US dollar remains a major influential factor on copper prices.
The European Union Leader Summit will be held this weekend, and market focus is shifting to whether or not an agreement will be reached on the aid plan for Greece’s debt issues. SMM believes copper prices will continue to fluctuate before this event.
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