SMM Morning Review - 2010/3/1 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/1 Copper Market

SMM Insight 11:17:08AM Mar 01, 2010 Source:SMM

SHANGHAI, Mar. 1 (SMM) -- On Friday, the US government announced that its economy grew at 5.9% annual rate in 4Q of 2009, the highest level over the past 6 years. The positive data pushed up copper prices, and the US dollar index fell back to 80.3. LME copper prices closed at USD 7,225/mt, up USD 155/mt.

Early Saturday (February 27), a 8.8-magnitude earthquake struck in Chile, with some aftershocks, exerting great negative impact on transportation, electricity, production and people's lives across the country. Although Santiago Gonzalez, Chilean Mining Minister said production at copper mines which were affected by the strong earthquake will resume production in the near future, market players believe exports of refined copper and copper concentrate from Chile will be affected if issues of transportation and electricity remain unsolved. In this context, copper prices will experience evident increases, and LME copper prices will likely rise above USD 7,800/mt, setting a new high.

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 - 2010/3/1 Copper Market

SMM Insight 11:17:08AM Mar 01, 2010 Source:SMM

SHANGHAI, Mar. 1 (SMM) -- On Friday, the US government announced that its economy grew at 5.9% annual rate in 4Q of 2009, the highest level over the past 6 years. The positive data pushed up copper prices, and the US dollar index fell back to 80.3. LME copper prices closed at USD 7,225/mt, up USD 155/mt.

Early Saturday (February 27), a 8.8-magnitude earthquake struck in Chile, with some aftershocks, exerting great negative impact on transportation, electricity, production and people's lives across the country. Although Santiago Gonzalez, Chilean Mining Minister said production at copper mines which were affected by the strong earthquake will resume production in the near future, market players believe exports of refined copper and copper concentrate from Chile will be affected if issues of transportation and electricity remain unsolved. In this context, copper prices will experience evident increases, and LME copper prices will likely rise above USD 7,800/mt, setting a new high.

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