SHANGHAI, Sep. 14 (SMM) – As the new Basel rules are not as strict as market expected, stock markets and the euro were supported. The US dollar index fell below 82, helping drive up LME copper prices. In addition, favorable economic data out of China also supported higher copper prices. LME copper market overnight reached as high as USD 7,671/mt before closing at USD 7,638/mt, up USD 138/mt. Stimulated by rising LME copper prices, SHFE copper market will maintenance at high levels. SMM believes SHFE September delivery copper contract prices will move at around RMB 59,500/mt, and may test RMB 60,000/mt.

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