SHANGHAI, July 9 (SMM) – The US dollar remained weak, and the US dollar index fell to 83.6. The US equities market rallied due to better-than-expected initial jobless data. In this context, LME copper prices hit as high as USD 6,742/mt during the session, but failed to test USD 6,800/mt due to lack of further upward momentum. Finally, LME copper prices closed at USD 6,660/mt.
SMM believes that LME copper prices will fluctuate in the USD 6,600-6,800/mt range in the near future. Domestic lead market is expected to fluctuate narrowly on Friday due to the impact of failure to move higher registered on the LME copper market overnight. SMM predicts SHFE July delivery copper prices will move between RMB 53,500-54,000/mt on Friday.
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