SHANGHAI, Jul. 20 (SMM) –LME copper performed well in the first half of July and still has a good chance to advance further for the rest of the month, SMM foresees.
US CPI and retail sales are expected to remain weak in June, which will dampen the US dollar, thus supporting gains in LME copper, SMM explained.
Besides, China’s GDP grew 6.9% year-on-year in Q2, beating forecast. Shibor fell steadily after the People’s Bank of China injected liquidity, leaving market liquidity ample.
Technically, LME copper has found solid support at the 5-day, 10-day and 20-day moving averages.
To sum up, SMM sees LME copper rising further to $ 5,800-5,950/tonne for the rest of July.
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