SMM Morning Review - 2010/3/16 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/16 Copper Market

SMM Insight 10:25:12AM Mar 16, 2010 Source:SMM

SHANGHAI, Mar. 16 (SMM) -- The euro felt pressure before the meeting of finance ministers of the EU, helping the US dollar to rebound. As a result, the US dollar index returned above 80. Although LME copper inventories declines of 1,375 mt yesterday, and news of power outage in Chile were positive for copper prices, LME copper market showed weak performance following a stronger US dollar, with prices finally closing at USD 7,310/mt, down USD 150/mt. 

A weaker SHFE copper market on Monday depressed market confidence, with stronger pessimistic sentiment in the market. However, SMM believes high demand season has not come yet, and copper prices are able to find solid support at the existing low-end level. In the short term, SHFE copper prices will continue to experience corrections, and should not be too pessimistic toward outlook.

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 - 2010/3/16 Copper Market

SMM Insight 10:25:12AM Mar 16, 2010 Source:SMM

SHANGHAI, Mar. 16 (SMM) -- The euro felt pressure before the meeting of finance ministers of the EU, helping the US dollar to rebound. As a result, the US dollar index returned above 80. Although LME copper inventories declines of 1,375 mt yesterday, and news of power outage in Chile were positive for copper prices, LME copper market showed weak performance following a stronger US dollar, with prices finally closing at USD 7,310/mt, down USD 150/mt. 

A weaker SHFE copper market on Monday depressed market confidence, with stronger pessimistic sentiment in the market. However, SMM believes high demand season has not come yet, and copper prices are able to find solid support at the existing low-end level. In the short term, SHFE copper prices will continue to experience corrections, and should not be too pessimistic toward outlook.

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