SHANGHAI, June 29 (SMM) – Market responded quietly to agreement on budget cuts reached during G-20 Summit, and the US dollar index edged up. LME copper prices climbed further due to the stronger-than-expected spending data in the US. In addition, the spread between LME and SHFE market stimulated investor “buy London and sell Shanghai”, helping LME copper prices reach as high as USD 6,880/mt. However, SMM believes LME copper prices will come under great pressure to move higher based on yesterday’s price trends. Finally, LME copper prices closed at USD 6,815/mt, down USD 45/mt.
On Tuesday, SMM predicts SHFE copper prices will fall due to arbitrage selling, and SHFE copper prices will continue to fluctuate in the short term, with prices for September delivery expected to move between RMB 53,500-54,500/mt.
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