SMM Morning Review - 2010/5/18 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/5/18 Copper Market

SMM Insight 10:25:05AM May 18, 2010 Source:SMM

SHANGHAI, May 18 (SMM) -- The euro plunged to a 4-year low versus the US dollar, helping the US dollar index advance above 87. The global commodity market fell across the board due to surging US dollar index. Crude oil prices hit a new one year low, with NYMEX June delivery falling below USD 70/bbl. LME copper prices on May 17th dropped as low as USD 6,430/mt, a low not seen since February 2010, and finally closed at USD 6,480/mt, down USD 260/mt.

The euro's decline is overdone, leaving the need to rebound, while LME copper prices have dropped less than USD 6,500/mt, fluctuating in a lower range. However, SMM believes LME copper prices will move at USD 6,500/m in the short term. 

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 - 2010/5/18 Copper Market

SMM Insight 10:25:05AM May 18, 2010 Source:SMM

SHANGHAI, May 18 (SMM) -- The euro plunged to a 4-year low versus the US dollar, helping the US dollar index advance above 87. The global commodity market fell across the board due to surging US dollar index. Crude oil prices hit a new one year low, with NYMEX June delivery falling below USD 70/bbl. LME copper prices on May 17th dropped as low as USD 6,430/mt, a low not seen since February 2010, and finally closed at USD 6,480/mt, down USD 260/mt.

The euro's decline is overdone, leaving the need to rebound, while LME copper prices have dropped less than USD 6,500/mt, fluctuating in a lower range. However, SMM believes LME copper prices will move at USD 6,500/m in the short term. 

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