SMM Morning Review - 2010/3/3 Copper Market

SHANGHAI, Mar. 3 (SMM) -- The news of Greece's measures to cut budget improved market expectations of aid plan for debt issues in the country. As a result, the euro strengthened, and the US dollar fell, causing the US dollar index to move around 80.3. In this context, LME copper price rebounded, reaching as high as USD 7,510/mt, with prices closing at USD 7,505/mt, up USD 150/mt.

Copper prices experienced rebounds when market players generally believe that copper prices would return to previous fluctuating range. The unexpected copper price trends indicate that changes in external markets remain as major influential factors on copper prices. China's NPC and CPPCC will get started soon, and LME copper prices will remain closed to the trend of US dollar index before the two meetings begin.

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

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