SHANGHAI, Feb. 1 (SMM) – Supported by strong movements in the SHFE copper market, positive US consumption spending for December and the Chicago PMI data, the LME copper market overnight strengthened. Meanwhile, LME copper inventories were down sharply by 4,050 mt also supported copper prices. As a result, LME copper prices climbed above USD 9,700/mt from USD 9,500/mt, reaching as high as USD 9,782/mt during the session, USD 1/mt higher than the previous high level of USD 9,781/mt, setting a new record high.
During Tuesday’s Asian trading hours, LME copper prices climbed above USD 9,800/mt. With optimistic outlook towards consumption in the Chinese market after the holiday, SMM believes that LME copper prices will likely reach USD 10,000/mt during the Chinese New Year holiday period.
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