SHANGHAI, July 7 (SMM) – Positive comments by Australian central bank after interest rate decision boosted market risk appetite. As a result, the US dollar index dropped below 84, down as low as 83.82. LME copper prices advanced along with a weaker US dollar and rising equities markets, reaching as high as USD 6,600/mt before ending at USD 6,570/mt, up USD 90/mt.
SMM believes SHFE copper prices will trace rising pace of LME copper prices on Wednesday, and SHFE July delivery copper prices are expected to move between RMB 53,000-53,500/mt.
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