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SMM Morning Review - 2010/2/25 Copper Market
Feb 25,2010 11:57CST
smm insight
Source:SMM

SHANGHAI, Feb. 25 (SMM) -- Bernanke repeated that the US will keep interest rate low, depressing the US dollar. In addition, the US new home sales declined during January, also exerting downward pressure on the US dollar, and the US dollar index fell to 80.3 as a result. LME copper prices slipped negatively affected by weak economic data, with the lowest level of USD 7,024/mt, but later regained previous lost ground supported by softened US dollar, with prices finally ending at USD 7,160/mt. LME copper prices will get support at USD 7,000/mt in the short term, and although the US dollar weakened yesterday, there is possibility that the US dollar will advance in view of debt crisis in Europe. In this context, there is little possibility LME copper prices will increase significantly.

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