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SMM Morning Review - 2010/5/7 Copper Market
May 7,2010 10:42CST
smm insight

SHANGHAI, May 7 (SMM) -- The euro remained depressed, hitting a 14-month low, while the US dollar soared above 85. Moreover, Dow Jones plunged 1,000 points, which was reported to be caused by erroneous trades, the biggest drop ever during a trading day. Plagued by depressed financial markets, the commodity market weakened further. Crude oil prices dropped to USD 77/bbl, and LME copper market on May 6th dove at the closing, falling as low as USD 6,835/mt, with prices finally ending at USD 6,880/mt.

Volatile movements in financial markets gave a heavy blow to copper prices, and copper prices failed to rebound due to strong short strength made, despite of bargain hunting. SMM believes LME copper prices will try to find support at USD 6,800/mt in the short term. 

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