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SMM Morning Review - 2010/2/11 Copper Market
Feb 11,2010 10:55CST
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SHANGHAI, Feb. 11 (SMM) -- The EU official denied that the EU will release a solution to debt crisis in Greece, and mixed economic new before the meeting of EU leaders on Thursday caused shortages of investor confidence, and the euro dipped as a result. Bernanke said the Fed will likely raise the discount rate recently, helping increase market expectations of interest rate hikes, and the US dollar strengthened in response, with the US dollar index rebounding to 80.3. As a result, LME copper prices slipped. In addition, China's copper imports in January declined, also weighing down copper prices. LME copper prices hit the lowest level of USD 6,500/mt on February 10th, with prices finally ending at USD 6,590/mt, down USD 40/mt. At present, LME copper prices received support at USD 6,500/mt, and are expected to continue to fluctuate before the Chinese New Year holiday. 

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