SMM Morning Review - 2010/5/20 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/5/20 Copper Market

SMM Insight 09:57:35AM May 20, 2010 Source:SMM

SHANGHAI, May 20 (SMM) -- The US dollar climbed above 87.4 after Germany announced to ban naked short selling, but the rebounding euro later helped the US dollar index fall back to 86.3. LME copper prices rallied from USD 6,460/mt to USD 6,640/mt along with falling US dollar index, with prices closing at USD 6,560/mt, and positions experienced slight declines. 

SHFE copper prices represented improved performance on Wednesday, and support at RMB 52,000/mt is expected to be strong in the short term. SMM believes SHFE copper prices will stabilize on Thursday along with declines in the US dollar index, with prices expected to test the 5-day moving average of RMB 54,200/mt. 

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 - 2010/5/20 Copper Market

SMM Insight 09:57:35AM May 20, 2010 Source:SMM

SHANGHAI, May 20 (SMM) -- The US dollar climbed above 87.4 after Germany announced to ban naked short selling, but the rebounding euro later helped the US dollar index fall back to 86.3. LME copper prices rallied from USD 6,460/mt to USD 6,640/mt along with falling US dollar index, with prices closing at USD 6,560/mt, and positions experienced slight declines. 

SHFE copper prices represented improved performance on Wednesday, and support at RMB 52,000/mt is expected to be strong in the short term. SMM believes SHFE copper prices will stabilize on Thursday along with declines in the US dollar index, with prices expected to test the 5-day moving average of RMB 54,200/mt. 

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