SMM

Copper prices continued to rise in July. Cooling economic data in the US, including the US core PCE price index, the US composite purchasing managers’ index in July and non-farm employment data, triggered market expectations of interest rate cuts by the Fed. This lowered the US dollar index below the 100 mark, bolstering SHFE copper prices. The European Central Bank raised interest rates by 25 basis points as expected. The euro still had restraint on the US dollar in July.