SMM Morning Review - 2010/3/8 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/8 Copper Market

SMM Insight 11:02:08AM Mar 08, 2010 Source:SMM

SHANGHAI, Mar. 8 (SMM) -- According to official data, the US non-farm employment reduced by 36,000 in February, with unemployment rate of 9.7% for the month. The better-than-expected employment data supported financial markets, and the US stocks and dollar both gained. In this context, LME copper prices fell back, but later rebounded due to a falling US dollar from improved risk appetite. Last Friday, LME copper prices closed at USD 7,540/mt, up USD 130/mt. In addition, LME copper inventories fell by 1,075 mt, supporting market sentiment as well.

SMM believes LME copper prices will move around USD 7,500/mt this week.

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 - 2010/3/8 Copper Market

SMM Insight 11:02:08AM Mar 08, 2010 Source:SMM

SHANGHAI, Mar. 8 (SMM) -- According to official data, the US non-farm employment reduced by 36,000 in February, with unemployment rate of 9.7% for the month. The better-than-expected employment data supported financial markets, and the US stocks and dollar both gained. In this context, LME copper prices fell back, but later rebounded due to a falling US dollar from improved risk appetite. Last Friday, LME copper prices closed at USD 7,540/mt, up USD 130/mt. In addition, LME copper inventories fell by 1,075 mt, supporting market sentiment as well.

SMM believes LME copper prices will move around USD 7,500/mt this week.

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