SMM Morning Review - 2010/3/5 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/5 Copper Market

SMM Insight 10:24:32AM Mar 05, 2010 Source:SMM

SHANGHAI, Mar. 5 (SMM) -- The US dollar rebounded following better-than-expected retail sales data and falling initial unemployment claims in the US, helping the US dollar index to climb to 80.5. In this context, LME copper prices weakened, with prices falling from a daily high level of USD 7,555/mt to USD 7,445/mt, down USD 125/mt.

SMM believes LME copper prices will continue to fluctuate for the foreseeable future, and will meet strong resistance at prices above USD 7,600/mt. If a substantial progress is able to made for Greece’s debt issues, the US dollar will weaken, and this will help push up copper prices.

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 - 2010/3/5 Copper Market

SMM Insight 10:24:32AM Mar 05, 2010 Source:SMM

SHANGHAI, Mar. 5 (SMM) -- The US dollar rebounded following better-than-expected retail sales data and falling initial unemployment claims in the US, helping the US dollar index to climb to 80.5. In this context, LME copper prices weakened, with prices falling from a daily high level of USD 7,555/mt to USD 7,445/mt, down USD 125/mt.

SMM believes LME copper prices will continue to fluctuate for the foreseeable future, and will meet strong resistance at prices above USD 7,600/mt. If a substantial progress is able to made for Greece’s debt issues, the US dollar will weaken, and this will help push up copper prices.

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