SMM Morning Review - 2009/12/8 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2009/12/8 Copper Market

SMM Insight 02:24:08PM Dec 08, 2009 Source:SMM

SHANGHAI, Dec. 8 (SMM) -- The US dollar index hit above 76.1 following expectations of possible interest rate increases by the US government. As a result, LME copper prices fell back, ending at USD 6,999/mt, down USD 41/mt. LME copper inventories grew by 6,475 mt to 452,550 mt. Later, the Fed chairman announced that the low interest rate will remain for a while, weighing down the US dollar, with current levels around 75.6.

A stronger US dollar caused LME copper prices to drop below USD 7,000/mt, and a falling US dollar is expected to support LME copper prices in response. 

In China, the news from the Central Economic Work Conference is favorable for stabilizing the domestic financial market. Hence, SMM believes SHFE copper market will remain strong. 

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  copper Cu  copper price  SMM 

SMM Morning Review - 2009/12/8 Copper Market

SMM Insight 02:24:08PM Dec 08, 2009 Source:SMM

SHANGHAI, Dec. 8 (SMM) -- The US dollar index hit above 76.1 following expectations of possible interest rate increases by the US government. As a result, LME copper prices fell back, ending at USD 6,999/mt, down USD 41/mt. LME copper inventories grew by 6,475 mt to 452,550 mt. Later, the Fed chairman announced that the low interest rate will remain for a while, weighing down the US dollar, with current levels around 75.6.

A stronger US dollar caused LME copper prices to drop below USD 7,000/mt, and a falling US dollar is expected to support LME copper prices in response. 

In China, the news from the Central Economic Work Conference is favorable for stabilizing the domestic financial market. Hence, SMM believes SHFE copper market will remain strong. 

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  copper Cu  copper price  SMM