SMM Morning Review - 2010/3/2 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/2 Copper Market

SMM Insight 10:44:35AM Mar 02, 2010 Source:SMM

SHANGHAI, Mar. 2 (SMM) -- LME copper prices surged following a massive earthquake in Chile, reaching as high as USD 7,580/mt, and prices fell back later due to a rebounding US dollar, with prices finally ending at USD 7,355/mt, up USD 130/mt. The euro weakened along with financial issues in the UK and Greece's debt concerns, helping the US dollar index rebound to around 80.8.

Although SHFE copper prices soared yesterday, spot copper market showed limited response, and a cautious attitude continued to dominate the market.

SMM believes copper market will experience fluctuations after the news of earthquake in Chile is fully absorbed by the market, and with possibility of moving up further, but will meet great resistance at USD 7,600/mt.  
 
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

SMM Morning Review - 2010/3/2 Copper Market

SMM Insight 10:44:35AM Mar 02, 2010 Source:SMM

SHANGHAI, Mar. 2 (SMM) -- LME copper prices surged following a massive earthquake in Chile, reaching as high as USD 7,580/mt, and prices fell back later due to a rebounding US dollar, with prices finally ending at USD 7,355/mt, up USD 130/mt. The euro weakened along with financial issues in the UK and Greece's debt concerns, helping the US dollar index rebound to around 80.8.

Although SHFE copper prices soared yesterday, spot copper market showed limited response, and a cautious attitude continued to dominate the market.

SMM believes copper market will experience fluctuations after the news of earthquake in Chile is fully absorbed by the market, and with possibility of moving up further, but will meet great resistance at USD 7,600/mt.  
 
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