SHANGHAI, May 18 (SMM) -- The euro plunged to a 4-year low versus the US dollar, helping the US dollar index advance above 87. The global commodity market fell across the board due to surging US dollar index. Crude oil prices hit a new one year low, with NYMEX June delivery falling below USD 70/bbl. LME copper prices on May 17th dropped as low as USD 6,430/mt, a low not seen since February 2010, and finally closed at USD 6,480/mt, down USD 260/mt.
The euro's decline is overdone, leaving the need to rebound, while LME copper prices have dropped less than USD 6,500/mt, fluctuating in a lower range. However, SMM believes LME copper prices will move at USD 6,500/m in the short term.
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