SMM Morning Review - 2010/5/4 Copper Market

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.

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