SMM Morning Review - 2010/3/24 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/24 Copper Market

SMM Insight 10:12:32AM Mar 24, 2010 Source:SMM

SHANGHAI, Mar. 24 (SMM) -- The lingering debt issues in Greece depressed the euro, and the US dollar reached as high as 81.03 as a result. In this context, LME copper prices fell back, with prices closing at USD 7,440/mt, down USD 20/mt, moving between in the 10-20 day moving average. Price corrections were continuing on the LME copper market, suggesting market expectations still exist. 

Spot consumption in Chinese market showed no significant improvement. If spot discounts narrow further, copper prices will likely be buoyed. SMM takes an optimistic view towards market outlook, as continuing growth of orders in April will stimulate spot consumption. 

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 - 2010/3/24 Copper Market

SMM Insight 10:12:32AM Mar 24, 2010 Source:SMM

SHANGHAI, Mar. 24 (SMM) -- The lingering debt issues in Greece depressed the euro, and the US dollar reached as high as 81.03 as a result. In this context, LME copper prices fell back, with prices closing at USD 7,440/mt, down USD 20/mt, moving between in the 10-20 day moving average. Price corrections were continuing on the LME copper market, suggesting market expectations still exist. 

Spot consumption in Chinese market showed no significant improvement. If spot discounts narrow further, copper prices will likely be buoyed. SMM takes an optimistic view towards market outlook, as continuing growth of orders in April will stimulate spot consumption. 

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