SHANGHAI, May 13 (SMM) -- LME copper prices on May 12th advanced along with rising US equities and higher gold prices, reaching up to USD 7,145/mt. Later, LME copper prices fell back after a weak euro helped the US dollar index return to 84.9, closing at USD 7,015/mt, down USD 25/mt, but still above the 5-day moving average. Positions experienced slight increases. Recently, SHFE copper market has been closely related to China's stock markets.
SMM still believes LME copper prices will continue to fluctuate around USD 7,000/mt, and the US dollar index will face greater resistance at 85, with low possibility to move higher. Hence, any downward room for LME copper prices will be limited. In addition, the approach of a seasonal low demand period in June will cap rising momentum of copper prices.
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