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SMM Morning Review - 2010/5/20 Copper Market
May 20,2010 09:57CST
smm insight

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


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