SHANGHAI, Sep. 17 (SMM) – The US reported mixed economic data yesterday. At first, the US initial jobless claims fell to a 2-month low level of 450,000 in the week ended September 11th, which boosted market sentiment. As a result, LME copper prices reached USD 7,730/mt. Later, however, the US reported contracting manufacturing activity in September, causing LME copper prices to give up some previous gains. Finally, LME copper prices closed at USD 7,675/mt, up USD 50/mt.
Since LME copper prices during Friday’s early Asian trading hours are fluctuating at around USD 7,700/mt, together with sharp declines in the SHFE copper market on Thursday, SMM believes that SHFE copper market will move above the RMB 59,000/mt mark on Friday.
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: firstname.lastname@example.org