SHANGHAI, July 21 (SMM) – The US announced mixed housing data yesterday. Although the US housing starts in June dropped to an 8-month low, only at 549,000, well below the expectation of 580,000, building permits unexpectedly rallied 2.1% to 586,000, suggesting that the US housing data will likely improve in the future. With the mixed housing data, LME base metal markets moved higher with rising US equities markets. LME copper prices stood above USD 6,600/mt again, and finally closed at USD 6,670/mt, up USD 155/mt, or 2.4%.
Despite of frequent movements in recent days, copper prices remain in its previous fluctuating range. SMM believes SHFE copper prices will track LME rising copper prices on Wednesday, with SHFE current-month copper contract expected to move between RMB 53,500-53,800/mt.
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