SMM Morning Review - 2010/5/27 Copper Market

SHANGHAI, May 27 (SMM) -- The euro approached a 4-year low versus the US dollar on the news that China is reviewing its euro zone debt holdings. Prior to this, US equities climbed higher due to US's favorable housing data and durable goods orders. Later, US equities were dragged down by the news. LME copper prices also fell back from USD 6,885/mt, and closed at USD 6,830/mt. During early Asian trading hours, LME copper prices dropped to around USD 6,770/mt, near to the 10-day moving average of USD 6,725/mt, suggesting LME copper prices are continuing to move between USD 6,600-6,900/mt.

SMM believes LME copper prices will continue to fluctuate in this price band in the near term following macro-economic news.

To contact the writer on this report: iriszhu@smm.cn

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