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[Cu] SMM Morning Review - 2009/11/30 Copper Market
Dec 7, 2009 13:16Source:SMM
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.
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