SHANGHAI, Dec. 24 (SMM) – With the approach of the Christmas holiday, investors showed high interest in locking in profits, and trading sentiment dropped as well. According to the data released on Thursday, the US consumer spending grew 0.4% in November, lower than the expected growth of 0.5%. In addition, the US initial jobless claims dropped to 420,000 in the week ending December 18th. These results indicate the economy in the US is keeping recovering at a slow pace. In this context, the LME copper market overnight rebounded after falling as low as USD 9,205/mt to close at USD 9,312/mt, a drop of 0.36%. Trading volumes were down 412 lots, while positions were up 1,292 lots, a sign of cautious sentiment in the pre-holiday market.
During Friday’s Asian trading hours, the US dollar index is expected to move 80.2-80.6, and LME copper prices will move between USD 9,240-9,360/mt , and SHFE three-month contract prices will fluctuate in the RMB 68,000-69,200/mt range on Friday.
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