SHANGHAI, July 29 (SMM) – The US equities market dropped due to weaker-than-expected durable goods orders for June in the US. However, LME base metals market didn’t follow suit, and moved higher along with Chinese central bank’s optimistic outlook towards its economy. LME copper prices reached as high as USD 7,205/mt before ending at USD 7,17/mt, up USD 70/mt. SHFE copper prices in yesterday’s afternoon session jumped, further consolidating its recent rising tone.
After SHFE August delivery copper contract succeeded to rise above RMB 56,000/mt, SMM believes the current-month copper contract will experience corrections at the price level on Thursday.
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