SMM Morning Review - 2010/1/27 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/1/27 Copper Market

SMM Insight 10:18:09AM Jan 27, 2010 Source:SMM

SHANGHAI, Jan. 27 (SMM) -- The US stock market tracked downward again following the news of liquidity concerns in China. As a result, the US dollar advanced, with the US dollar index climbing to around 78.4. LME copper prices closed at USD 7,395/mt, down USD 70/mt.

Base metal market was depressed by frequent news of credit tightening recently, and so copper prices will continue to show weak performance in the short term. However, SMM believes the negative impact from tighter liquidity is mainly on physiology, and the actual decline of liquidity will be limited. Hence, there is still possibility that copper prices will likely rise before the arrival of Chinese New Year holiday. 

To contact the writer on this report: iriszhu@smm.cn

 

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

Price

more
SMM #1 Nickel
Aug.22
123800.0
0.0
(0.00%)
#1 JinChuan Nickel
Aug.22
124350.0
-100.0
(-0.08%)
#1 Import Nickel
Aug.22
123225.0
50.0
(0.04%)
JinChuan B&C
Aug.21
1350.0
0.0
(0.00%)
Russian nickel premium
Aug.21
100.0
-25.0
(-20.00%)

SMM Morning Review - 2010/1/27 Copper Market

SMM Insight 10:18:09AM Jan 27, 2010 Source:SMM

SHANGHAI, Jan. 27 (SMM) -- The US stock market tracked downward again following the news of liquidity concerns in China. As a result, the US dollar advanced, with the US dollar index climbing to around 78.4. LME copper prices closed at USD 7,395/mt, down USD 70/mt.

Base metal market was depressed by frequent news of credit tightening recently, and so copper prices will continue to show weak performance in the short term. However, SMM believes the negative impact from tighter liquidity is mainly on physiology, and the actual decline of liquidity will be limited. Hence, there is still possibility that copper prices will likely rise before the arrival of Chinese New Year holiday. 

To contact the writer on this report: iriszhu@smm.cn

 

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