SHANGHAI, July 15 (SMM) – The US dollar weakened after the US Federal Reserve lowered its forecast for economic growth this year. Later, the weaker-than-expected retail sales data from the US further weighed on the US dollar, causing the US dollar index to fall to 83.2. In this context, LME copper prices reached as high as USD 6,750/mt. However, the weaker sales data also plagued copper prices. Meanwhile, market investors are waiting for the release of major economic data from China on Thursday, leaving a cautious trading sentiment. Finally, LME copper prices closed at USD 6,645/mt, down USD 20/mt.
Market generally believes that China’s GDP growth for 2Q will slow, while CPI will continue to grow. If the data is in line with the expectations, copper prices will likely fall. SMM believes that SHFE July delivery copper prices will fluctuate in the RMB 53,000-53,800/mt range on Thursday.
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