SMM Morning Review - 2010/5/27 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/5/27 Copper Market

SMM Insight 09:59:27AM May 27, 2010 Source:SMM

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

 

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 - 2010/5/27 Copper Market

SMM Insight 09:59:27AM May 27, 2010 Source:SMM

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

 

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