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.
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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.
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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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