SMM Morning Review - 2010/5/10 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/5/10 Copper Market

SMM Insight 09:31:17AM May 10, 2010 Source:SMM

SHANGHAI, May 10 (SMM) -- The approval of financial aid plan for Greece by Germany helped the euro rebound versus the US dollar, and the US dollar index fell below 84 in response. In this context, LME copper prices narrowed its losses, reaching as high as USD 7,000/mt during the session last Friday, and with prices finally closing at USD 6,915/mt, up 35/mt.

LME copper prices have stabilized steadily, and whether or not LME copper prices will move higher depends on the US dollar index trend. SMM believes the US dollar index will not drop sharply, given the persistent debt crisis in the Europe. Hence, LME copper prices will fluctuate around USD 7,000/mt in the short run. 

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 - 2010/5/10 Copper Market

SMM Insight 09:31:17AM May 10, 2010 Source:SMM

SHANGHAI, May 10 (SMM) -- The approval of financial aid plan for Greece by Germany helped the euro rebound versus the US dollar, and the US dollar index fell below 84 in response. In this context, LME copper prices narrowed its losses, reaching as high as USD 7,000/mt during the session last Friday, and with prices finally closing at USD 6,915/mt, up 35/mt.

LME copper prices have stabilized steadily, and whether or not LME copper prices will move higher depends on the US dollar index trend. SMM believes the US dollar index will not drop sharply, given the persistent debt crisis in the Europe. Hence, LME copper prices will fluctuate around USD 7,000/mt in the short run. 

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