SMM Morning Review - 2010/1/21 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/1/21 Copper Market

SMM Insight 10:29:52AM Jan 21, 2010 Source:SMM

SHANGHAI, Jan. 21 (SMM) -- News reported that China's major commercial banks had received orders to stop lending for the rest of the month. As a result, market concerns towards a tightening monetary policy in China accelerated, though the Chairman of Banking Regulatory Commission denied the news later. Coupled with a strengthening US dollar, with the US dollar index reported above 78.3, base metals markets plunged. LME copper prices weakened to USD 7,375/mt, down USD 170/mt. Market confidence was depressed by recent credit tightening measures in China. However, buying interest for copper at prices around RMB 60,000/mt on the SHFE market was brisk, with strong support.

In this context, SMM believes SHFE copper prices will move around RMB 60,000/mt.

 

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

 

SMM Morning Review - 2010/1/21 Copper Market

SMM Insight 10:29:52AM Jan 21, 2010 Source:SMM

SHANGHAI, Jan. 21 (SMM) -- News reported that China's major commercial banks had received orders to stop lending for the rest of the month. As a result, market concerns towards a tightening monetary policy in China accelerated, though the Chairman of Banking Regulatory Commission denied the news later. Coupled with a strengthening US dollar, with the US dollar index reported above 78.3, base metals markets plunged. LME copper prices weakened to USD 7,375/mt, down USD 170/mt. Market confidence was depressed by recent credit tightening measures in China. However, buying interest for copper at prices around RMB 60,000/mt on the SHFE market was brisk, with strong support.

In this context, SMM believes SHFE copper prices will move around RMB 60,000/mt.

 

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