SHANGHAI, April 28 (SMM) -- The euro fell broadly since the credit rating cuts of Greece and Portugal by S&P intensified market fears over debt issues in some EU countries, hitting a one year low, and the US dollar index rallied as much as to above 82.2 in response. The US stocks and commodity markets plunged, and LME copper prices tumbled to USD 7,440/mt, down USD 330/mt or 4%, setting a one month low. LME copper prices dropped below USD 7,400/mt during the Asian hours in the morning, falling below the 60-day moving average.

Plunging LME copper prices are well above market expectations, and SMM believes bargain hunting will likely appear today, and this will help copper prices stabilize after drastic declines. 

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

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