SMM Morning Review - 2010/5/21 Copper Market

May 21, 2010 09:55

SHANGHAI, May 21 (SMM) -- The euro rebounded from lows following rumors that the European central bank will intervene to support the single currency, and the US dollar index fell to 85.4-85.7 in response. In this context, LME copper prices rebounded to a session high of USD 6,720/mt, nearer to the 10-day moving average of USD 6,800/mt. At the closing, falling equities in the EU and US narrowed LME copper price gains, with prices closing at USD 6,570/mt, up USD 10/mt.

LME copper prices have not found solid support at the 5-day moving average. If the US dollar moves lower, copper prices are expected to stabilize further, but will likely fall back later.

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SMM Morning Review - 2010/5/21 Copper Market

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