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SMM Morning Review - 2010/5/17 Copper Market
May 17,2010 10:36
CSTsmm insight
Source:SMM
SHANGHAI, May 17 (SMM) -- The euro set an 18-month low against the US dollar due to intensified concerns over fiscal health in the Europe. The US dollar advanced for a fifth day, moving above 86. In this context, LME copper prices weakened, reaching as low as USD 6,880/mt, and with prices closing at USD 6,880/mt, down USD 260/mt. The US dollar index is expected to experience corrections after strong gains, and LME copper prices will find strong support at USD 6,800/mt, with prices expected to fluctuate between USD 6,800-7,200/mt.
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