SHANGHAI, June 3 (SMM) -- The favorable US's pending home sales data and automobile sales data helped equities and crude oil prices move higher, and the US dollar eased gains as a result. In this context, LME copper prices stabilized from earlier losses, and closed at USD 6,690/mt after falling as low as USD 6,567/mt, with slight declines in positions. LME copper prices have lost support at the 10-day moving average, but haven't dropped below the low-end of existing fluctuating band.
SMM predicts SHFE copper prices will stabilize from Wednesday's sharp declines, with prices expected to move between RMB 53,500-54,500/mt on Thursday.
To contact the writer on this report: Iriszhu@smm.cn
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