SHANGHAI, Apr. 14 (SMM) –The US dollar index rallied to 75.2 from 74.7, as the US President Barack Obama promised to control budget by reducing spending and raising taxes. Markets expect that China will further tighten its monetary policy if inflationary pressures remain high, and that reduce market outlook for copper demand in China, helping LME copper prices continue to drop. LME copper prices fell as low as USD 9,443/mt after falling below USD 9,500/mt, and finally closed at USD 9,448/mt, failing to return to USD 9,500/mt. LME copper inventories were up 3,225 mt yesterday. Higher inventories indicate heavy consumption pressure.
During Thursday's Asian trading hours, LME copper prices are expected to fluctuate in the USD 9,430-9,520/mt range, and SHFE three-month copper contract prices will move between RMB 70,900-71,600/mt.
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