SHANGHAI, July 5 (SMM) – Three major US indexes hit a new low of this year after the US announced weaker-than-expected non-farm payrolls on Friday, and factory orders in May dropped on a monthly basis, suggesting investor concerns over the pace of global economic recovery. The US dollar fell against a basket of major currencies, and the US dollar index closed at 84.40 after dropping as low as 84.13, supporting base metal prices. LME copper prices rebounded after dropping to USD 6,390/mt, reaching as high as USD 6,535/mt, and finally closed at USD 6,450/mt.
During early Asian trading hours on Monday, LME copper prices in electronic trading opened at USD 6,480/mt, and tested USD 6,500/mt. SHFE October delivery copper prices opened at RMB 52,000/mt, and a large amount of buying entered the market in early morning trade, touching as high as RMB 52,280/mt. However, SMM believes depressed domestic stock markets will remain a negative factor for SHFE copper prices to move higher, and spot copper prices will test RMB 53,000/mt.
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