SHANGHAI, Dec. 13 (SMM) – LME copper market closed higher last Friday, supported by concerns over supply shortages, China’s strong copper imports data, the launch of a physical copper ETF, and China’s further increases in the reserve requirement ratio. LME copper prices reached as high as USD 9,070/mt before ending at USD 9,021/mt, up 1.14%. Positions were up 1,532 lots, with the growth down from the previous trading day, and trading volumes contracted by 3,489 lots, a sign of market caution towards the rising trend. In addition, the stabilizing US dollar index also weighed down the LME copper prices.
During Monday’s Asian trading hours, the US dollar is expected to move between 80.15-80.5, and LME copper prices will fluctuate in the USD 8,950-9,090/mt range, and SHFE three-month copper contract prices will move between RMB 67,000-68,500/mt on Monday.
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