SMM Morning Review - 2010/4/20 Copper Market

SHANGHAI, April 20 (SMM) -- LME copper prices experienced larger declines during Asian trading hours, hitting as low as USD 7,615/mt. However, the US equity market moved higher due to optimistic outlook towards corporate performance, and as market reevaluate impact from Goldman's fraud, helping LME copper prices pare some losses after the US and European trading hours began. LME copper prices finally closed at USD 7,710/mt, down USD 55/mt, standing firm above the 30-day moving average. 

On Tuesday, SMM believes SHFE copper prices will shoulder off the shadow seen yesterday from a weaker LME copper market and new regulations on the property market, with price rebounds expected, and spot consumption will improve as well. 

To contact the writer on this report: iriszhu@smm.cn

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