SMM Morning Review - 2010/3/26 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/3/26 Copper Market

SMM Insight 10:19:07AM Mar 26, 2010 Source:SMM

SHANGHAI, Mar. 26 (SMM) -- The proposal of a joint EU-IMF aid plan for Greece's debt crisis greatly depressed the euro, helping the US dollar index climb above 82. However, the US Federal Reserve Chairman Ben Bernanke said a modest recovery in the US economy still needed the ultra-low interest rate policy, testifying before the US House of Representatives Financial Services Committee. The comment restricted rising room of the US dollar, falling from above 82 to 81.96. In this context, the commodity market rebounded. The LME copper market overnight closed up at USD 7,385/mt after rallying from a daily low level of USD 7,345/mt, up USD 40/mt. 

Despite of a firmer US dollar, LME copper prices are sill able to remain above USD 7,300/mt, nearer to USD 7,400/mt, a sign of solid support at the low end. However, cautious attitude towards macro economy kept investors on the sidelines, with positive news expected to stimulate investment interest.

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 - 2010/3/26 Copper Market

SMM Insight 10:19:07AM Mar 26, 2010 Source:SMM

SHANGHAI, Mar. 26 (SMM) -- The proposal of a joint EU-IMF aid plan for Greece's debt crisis greatly depressed the euro, helping the US dollar index climb above 82. However, the US Federal Reserve Chairman Ben Bernanke said a modest recovery in the US economy still needed the ultra-low interest rate policy, testifying before the US House of Representatives Financial Services Committee. The comment restricted rising room of the US dollar, falling from above 82 to 81.96. In this context, the commodity market rebounded. The LME copper market overnight closed up at USD 7,385/mt after rallying from a daily low level of USD 7,345/mt, up USD 40/mt. 

Despite of a firmer US dollar, LME copper prices are sill able to remain above USD 7,300/mt, nearer to USD 7,400/mt, a sign of solid support at the low end. However, cautious attitude towards macro economy kept investors on the sidelines, with positive news expected to stimulate investment interest.

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