Metals News
[Cu] SMM Morning Review - 2009/10/26 Copper Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Oct. 26 (SMM) -- Last Friday, LME copper prices opened at USD 6,600/mt, and then hit the daily high and yearly high of USD 6,714/mt, but later fell due to profit-takings and hit the daily low of USD 6,571/mt negatively affected by rebounding US dollar, and closed at USD 6,639/mt finally.

    The National Association of Realtors released on Friday that the US existing home sales in September grew by 9.4% to an annual rate of 5.57 million units, higher than previous forecast of 5.35 million units, hitting a new high since July 2007. The positive housing data helped drive up copper prices to a yearly high. However, the US dollar index rebounded continuously to a daily high of 75.45, resulting in profit-takings of LME copper. Hence, LME copper prices closed at USD 6,639/mt, only up USD 39/mt, with a gain of 1.05%.

    LME copper prices will likely face slight reduction in the near term given continuous growth in copper prices recently, but will feel hard to break through USD 6,500/mt. LME copper prices will still in upward track in view of positive macro economic news and weakening US dollar.

 

Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.

None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: metalresearch@cbichina.com or tel:86-21-51550040

CBI China CBMB
copper Cu
Market movement
For queries, please contact Frank LIU at liuxiaolei@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn
Related Price

No Data