SMM Morning Review - 2010/3/24 Copper Market

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

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