SMM Morning Review - 2010/5/19 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/5/19 Copper Market

SMM Insight 10:05:40AM May 19, 2010 Source:SMM

SHANGHAI, May 19 (SMM) -- The euro on May 18th rebounded against the US dollar, helping the US dollar index fall below 86. However, Germany's ban on naked short selling rekindled market concerns over debt issues in the euro zone, causing the euro to hit a new low since 2006, and the US dollar climbed above 87.3. In this context, LME copper prices fell back from a session high of USD 6,764/mt, and closed at USD 6,645/mt, with gains narrowing to USD 165/mt.

Fluctuating euro added uncertainties to copper prices. Profit-taking on Tuesday helped copper prices rebound, but possibility still exists that copper prices will drop. SMM expects LME copper prices to test USD 6,500/mt 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 - 2010/5/19 Copper Market

SMM Insight 10:05:40AM May 19, 2010 Source:SMM

SHANGHAI, May 19 (SMM) -- The euro on May 18th rebounded against the US dollar, helping the US dollar index fall below 86. However, Germany's ban on naked short selling rekindled market concerns over debt issues in the euro zone, causing the euro to hit a new low since 2006, and the US dollar climbed above 87.3. In this context, LME copper prices fell back from a session high of USD 6,764/mt, and closed at USD 6,645/mt, with gains narrowing to USD 165/mt.

Fluctuating euro added uncertainties to copper prices. Profit-taking on Tuesday helped copper prices rebound, but possibility still exists that copper prices will drop. SMM expects LME copper prices to test USD 6,500/mt 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