SHANGHAI, Dec. 29 (SMM) – The US Federal Reserve Bank of Richmond announced on Tuesday that the composite manufacturing index jumped to 25 in December from 9 in November, indicating that manufacturing activity in the regions covered by the survey continues to expand. The index values greater than zero suggest expansion. In addition, the service sector remains in a period of expansion. Supported by positive data, the COMEX three-month copper contract prices continued to advance, and finished at 432.8 cents/lbs (USD 9,539/mt), a new record high.
LME copper market will resume trading after the Christmas holiday. During Wednesday’s Asian trading hours, the US dollar is expected to move between 80.2-80.5, and LME copper prices will fluctuate in the USD 9,340-9,460/mt range, and SHFE three-month copper contract prices will move between RMB 68,700-69,800/mt on Wednesday.
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