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SMM Morning Review - 2010/2/3 Copper Market
Feb 3,2010 10:40CST
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Source:SMM

SHANGHAI, Feb. 3 (SMM) -- The US pending home sales were up 1.0% to 96.6 in December, and favorable corporate earnings drove up the US stock market. However, a cautious attitude was prevailing in currency exchange market before the US announces its non-agricultural employment rate on Friday. The US dollar index fell to around 78.9, pushing up commodity market. LME copper prices closed at USD 6,845/mt, up USD 15/mt. LME copper prices are expected to move in the USD 6,700-6,800/mt range in the near future.

In domestic copper market, transactions in pre-holiday market were brisk in north China. However, market trading sentiment was lackluster in the Shanghai and other markets in the southern part of China, since a large amount of imports were circulating in east and south China. Downstream stock replenishment will be complete this week as the Chinese New Year holiday will come soon.

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

 

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