SHANGHAI, July 14 (SMM) – A solid Greek debt auction, and increased risk appetite sent the US dollar index to a recent low of 83.3. In addition, Aluminum Company of America (Alcoa) announced the better-than-expected earnings, boosting the US equities market and base metal prices. LME copper prices bounced back, and reached as high as USD 6,695/mt before closing at USD 6,665/mt, up USD 10/mt.
During earlier Asian trading hours, LME copper prices are still on an upward track, fluctuating around USD 6,700/mt. SMM believes SHFE copper prices will move higher due to rising LME copper prices, but depressed spot sales from high prices will limit the advance. Hence, SMM expects SHFE July delivery copper contract to move in the RMB 53,500-54,000/mt range on Wednesday.
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