SHANGHAI, July 8 (SMM) – The US equities market rallied, led by better-than-expected profits at State Street Bank. The euro remained strong, standing above the 60-day moving average against the US dollar. The US dollar index fell to around 83.7. In this context, LME copper prices rebounded, and closed higher at USD 6,700/mt.
During early Asian trading hours on Thursday, LME copper prices on electronic trading remained on an upward track, fluctuating above USD 6,700/mt. SMM believes SHFE copper prices will climb higher on Thursday due to rallying LME copper prices, and SHFE July delivery copper prices are expected to move in the RMB 53,200-53,700/mt range.
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