SMM Morning Review - 2010/1/29 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/1/29 Copper Market

SMM Insight 10:15:39AM Jan 29, 2010 Source:SMM

SHANGHAI, Jan. 29 (SMM) -- Following the news of lower-than-expected durable goods order in the US, financial markets remained on a downward track. The US dollar index reached as high as 79.1 along with news that Ben Bernanke continues its work as the chairman of the Federal Reserve, and a new high of yield rate of bonds in Greece and Germany. LME copper prices continued to weaken, with prices closing at USD 6,875/mt, down USD 160/mt, mainly caused by withdrawal of funds, and the round of price declines is expected to continue. LME copper prices have dropped below the 60-day moving average, leaving an unfavorable position for its outlook.

However, it doesn't suggest that copper prices have reversed its rising trend, and possibility still exists that copper prices will advance.

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

Key Words:  copper Cu  copper price  LME market 

SMM Morning Review - 2010/1/29 Copper Market

SMM Insight 10:15:39AM Jan 29, 2010 Source:SMM

SHANGHAI, Jan. 29 (SMM) -- Following the news of lower-than-expected durable goods order in the US, financial markets remained on a downward track. The US dollar index reached as high as 79.1 along with news that Ben Bernanke continues its work as the chairman of the Federal Reserve, and a new high of yield rate of bonds in Greece and Germany. LME copper prices continued to weaken, with prices closing at USD 6,875/mt, down USD 160/mt, mainly caused by withdrawal of funds, and the round of price declines is expected to continue. LME copper prices have dropped below the 60-day moving average, leaving an unfavorable position for its outlook.

However, it doesn't suggest that copper prices have reversed its rising trend, and possibility still exists that copper prices will advance.

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

Key Words:  copper Cu  copper price  LME market