SMM Morning Review - 2010/5/4 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/5/4 Copper Market

SMM Insight 09:13:09AM May 04, 2010 Source:SMM

SHANGHAI, May 4 (SMM) -- The LME market was closed on Monday. Copper futures on the COMEX dropped following China's move to raise the deposit reserve requirement ratio, despite of the US's positive manufacturing, consumer spending and construction spending index. In this context, SMM believes SHFE copper prices will fall, and will look for support at RMB 58,000/mt. However, SHFE copper prices will rebound in the latter part of the week, as the impact from the higher deposit reserve requirement ratio was mild on the market.

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 - 2010/5/4 Copper Market

SMM Insight 09:13:09AM May 04, 2010 Source:SMM

SHANGHAI, May 4 (SMM) -- The LME market was closed on Monday. Copper futures on the COMEX dropped following China's move to raise the deposit reserve requirement ratio, despite of the US's positive manufacturing, consumer spending and construction spending index. In this context, SMM believes SHFE copper prices will fall, and will look for support at RMB 58,000/mt. However, SHFE copper prices will rebound in the latter part of the week, as the impact from the higher deposit reserve requirement ratio was mild on the market.

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