SMM Morning Review - 2010/5/21 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/5/21 Copper Market

SMM Insight 09:55:50AM May 21, 2010 Source:SMM

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.  
 
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 - 2010/5/21 Copper Market

SMM Insight 09:55:50AM May 21, 2010 Source:SMM

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.  
 
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