SHANGHAI, Mar. 9 (SMM) -- The LME copper market overnight rallied at first, but fell back later. Comments by France's president further eased market concerns over Greece's debt issues, boosting the euro. The stronger euro, ever hitting as high as 1.37 against the dollar, coupled with positive signs from China's government work report for 2010, helped LME copper prices to climb to a high level of USD 7,629/mt. However, LME copper prices surrendered gains later due to lack of buying activities and technical pressure, but any downward room was limited, given declines in LME copper inventories, rising cancelled warrants and positive economic data in the US, helping LME copper prices to close at USD 7,519/mt.
SMM believes there is still upward momentum available for LME copper prices.
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