SHANGHAI, Dec. 20 (SMM) – The Moody’s Investors Service cut Ireland’s credit rating, and so the US dollar remained strong, with prices closing at 80.36. However, the negative impact from a strong US dollar on the copper market waned along with upward momentum in the LME copper market technically and expectations of strong demand in China. LME copper prices fell to USD 9,022/mt, but stayed above the 10-day moving averages, with the highest level of USD 9,175/mt. Finally, LME copper prices closed at USD 9,130/mt, reaching the 5-day moving average.
As South Korea plans an artillery drill, the tensions in the Northeast Asian are increasingly in the rise, and this will increase market risk aversion sentiment. Hence, the US dollar index is expected to move between 80.4-81 during Monday’s Asian trading hours, and so LME copper prices will fluctuate in the USD 9,155-9,270/mt, and SHFE three-month copper prices will move between RMB 68,700-70,000/mt on Monday.
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