SHANGHAI, August 4 (SMM) – LME base metals ended mostly lower on Tuesday on the disappointing US pending housing sales data in June, which dropped by 2.6% to a record low of 75.7. LME copper prices fell as low as USD 7,355/mt before ending at USD 7,410/mt, down USD 60/mt.

Although LME copper prices were weighed down by the unfavorable data, upward momentum remains. SMM believes that LME copper prices will enter a period of corrections after nearly 10-day gains, and may move higher after finding support at USD 7,500/mt.

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