SHANGHAI, July 27 (SMM) – The US Commerce Department announced that new house sales surged 23.6% in June to a seasonally adjusted annual rate of 330,000, higher than the forecast of 320,000. The strong data boosted market confidence, and LME base metals market gained as a result. In addition, a rally in the euro from positive results of European bank stress tests also drove up copper prices, and the US dollar index briefly dropped below 82. In this context, LME copper market overnight reached as high as USD 7,145/mt before ending at USD 7,130/mt, up USD 95/mt.
LME copper prices dropped on Tuesday’s Asian trading hours. SMM believes that LME copper prices will hover at high levels in the short term, and will experience corrections at USD 7,000/mt.
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