SHANGHAI, July 20 (SMM) – The US equities markets closed higher on Monday, led by technology stocks, boosting LME copper market. In addition, the persistence of a weaker US dollar also supported LME copper prices. In this context, LME copper prices closed at USD 6,515/mt, up USD 35/mt.
Market focus is now on the upcoming US housing starts. Since the previous soft consumer data from the US has greatly dampened market sentiment, copper prices will likely drop further, if the data remains unfavorable. However, SMM believes LME copper prices will find support at USD 6,300/mt, given no further deterioration in market fundamentals and a weaker US dollar.
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