SMM Morning Review - 2010/4/21 Copper Market

SHANGHAI, April 21 (SMM) -- The US equities market rallied with strong first-quarter earnings results from a number of US banks, including Goldman Sachs, as well as rising energy-sector gains from rising crude oil prices, with Dow Jones up 0.3%. The rebounding stock market offset negative impact from higher the US dollar index. In this context, LME copper prices steadily rose, reaching as high as USD 7,850/mt, and closed at USD 7,750/mt after falling back at the end of trading, up USD 40/mt from a day earlier. SMM believes LME copper prices will continue to test USD 7,845/mt.

The EU-IMF meeting scheduled for Monday to discuss Greece's debt issues will be delayed to Wednesday due to flight disruptions caused by the spread of volcanic ash from Iceland. Particular attention should be paid to impact on the US dollar trend from the meeting. 

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

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