SHANGHAI, Dec. 23 (SMM) – The US GDP grew at an annualized rate of 2.6% during 3Q, lower than the analyst projection of a 2.8% growth. LME copper inventories increased by 1,225 mt to 363,950 mt on December 22nd, growing for a eighth straight day. With profit-taking by investors before the Christmas holiday, LME copper market overnight dropped slightly to end at USD 9,345/mt, a drop of 0.21%. Trading volumes were down 2,418 lots, and positions were down 295 lots. The US dollar index closed at 80.57 yesterday, standing at the 5-day moving averages. Currently, LME copper market showed stable performance.
During Thursday’s Asian trading hours, the US dollar index is expected to move between 80.4-80.9, and LME copper prices will fluctuate in the USD 9,270-9,400/mt range, and SHFE three-month copper contract prices will move in the RMB 68,500-69,700/mt range on Thursday.
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