SHANGHAI, Mar. 25 (SMM) – During Asian trading hours on March 24th, market was still supported by optimistic outlook for copper demand in the coming post-earthquake reconstruction in Japan. Meanwhile, a weak US dollar helped LME copper prices in electronic trading hit a new high of USD 9,783/mt since March. During the European and US trading hours, the US Department of Commerce announced its durable goods orders fell 0.9% in February, much weaker than with the 1.1% rise that was expected. The data was up 3.6% in January (previously reported as 3.2%). The weaker-than-expected data triggered market worries over a further slowing in US economic activities, sending LME copper prices down from highs. Later, the US dollar index fell to 75.45, helping LME copper prices stop falling further. Finally, LME copper prices closed at USD 9,715/mt, standing firm above daily moving averages in recent days despite of declines.
During Friday's Asian trading hours, the US dollar index is expected to move between 75.6-75.8, and LME copper prices will fluctuate in the USD 9,640-9,800/mt range, and SHFE three-month copper contract prices will move between RMB 72,400-73,000/mt.
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