SHANGHAI, Sep. 19 (SMM) – The US dollar index fell below 80.9 due to a stronger euro, boosting the commodity market. With the lack of major economic data, investors attached their attention to copper market fundamentals. A strike at Chile’s copper mine, continuing declines in stocks, and rising spot premiums all favored copper prices. In this context, LME copper prices rallied to a 4-month high of USD 7,809/mt, but rebounding US dollar at the tail of the trading caused LME copper prices to close at USD 7,727/mt, failing to end above USD 7,800/mt, up USD 52/mt.
SMM believes that SHFE copper market will following the rising pace of LME copper price next Monday, and spot copper prices will likely reach RMB 60,000/mt.
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