SHANGHAI, July 22 (SMM) – LME copper prices on Wednesday closed higher despite of a stronger US dollar, and falling US equities markets. LME copper prices climbed above the important resistance level of USD 6,800/mt during the session, and later advanced further due to selling-offs by shorts, reaching as high as USD 6,875/mt. Finally, LME copper prices closed at USD 6,850/mt, up USD 180/mt or 2.7%.
SMM believes the round of price gains is due mainly to buying activities. However, whether or not the rising trend will sustain remains to be seen. Supported by advancing LME copper prices, SHFE current-month copper contract will break out RMB 54,000/mt on Wednesday, and the price mark at RMB 55,000/mt will serve as an important resistance level.
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