SMM Morning Review - 2010/3/9 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/9 Copper Market

SMM Insight 09:58:50AM Mar 09, 2010 Source:SMM

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.

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 - 2010/3/9 Copper Market

SMM Insight 09:58:50AM Mar 09, 2010 Source:SMM

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.

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