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SMM Morning Review - 2010/2/8 Copper Market
Feb 8,2010 10:33CST
smm insight

SHANGHAI, Feb. 8 (SMM) --The US reported mixed non-farm employment data, leaving no clear market direction. In January, the US non-agricultural employment dropped 20,000, and the jobless rate surprisingly fell to 9.7%. Analysts previously expected payrolls to grow 5,000 and the unemployment rate to edge up to 10.1%. The US dollar remained strong following economic concerns in the euro zone, depressing copper prices as a result. LME copper prices fell as low as USD 6,235/mt, with prices finally closing at USD 6,375/mt, with price declines up to 16% since January 26th.

SMM believes copper market will unlikely plunge further in the future, and prices will gradually stabilize.

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


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