SHANGHAI, July 13 (SMM) – A slew of negative news weighed down LME copper prices yesterday. Firstly, China’s copper imports in June dropped on both a monthly and yearly basis, adding to market worries over demand in China. Secondly, the US dollar strengthened due to concerns over European bonds auction, helping the US dollar index return above 84. In this context, LME copper prices dropped as low as USD 6,605/mt, but remained above USD 6,600/mt. Finally, LME copper prices closed at 6,655/mt, down USD 90/mt.
During early Asian trading hours on Tuesday, LME copper prices remained weak and fluctuated around USD 6,650/mt, which will negatively affect SHFE copper market. SMM believes that SHFE current-month copper contract prices will move between RMB 53,200-53,500/mt on Tuesday.
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