SHANGHAI, July 19 (SMM) – The US’s consumer confidence index was 66.5 in July, the lowest level in 11 months, below the expected level of 74.5. The disappointing data dampened market sentiment. Coupled with unfavorable earnings reports from Citibank, Bank of America, and General Motor, the three major US stock indexes all weakened by more than 2.5%. In this context, LME base metals market closed lower, with ME copper prices down as much as nearly 3%.
SMM believes SHFE will track price declines on the LME copper market on Monday. However, any downward room for copper prices will be limited, given moderating declines during early Asian trading hours, and support from buying interest at low levels.
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