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Home / Metal News / [Cu] SMM Morning Review - 2009/11/30 Copper Market

[Cu] SMM Morning Review - 2009/11/30 Copper Market

iconDec 7, 2009 13:16

SHANGHAI, Nov. 30 (SMM) -- The Dubai World announced to delay debt payments during the period that the US markets were closed, so the US financial markets dropped last Friday. However, any negative impact from this news will be limited as the market has absorbed it gradually, and current economic conditions can handle this debt crisis. LME copper prices plunged as well, and even fell to USD 6,622/mt, and closed at USD 6,855/mt finally, up USD 34/mt. The sudden negative news curbed the strong upward momentum for copper prices, but most investors believe this is the best opportunity to enter the market.

    SMM believes copper prices will recover gradually this week, and will continue to climb to test USD 7,000/mt, as support at USD 6,800/mt remains strong.

 

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

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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