SMM Morning Review - 2010/5/28 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/5/28 Copper Market

SMM Insight 10:20:52AM May 28, 2010 Source:SMM

SHANGHAI, May 28 (SMM) -- China denied on Thursday a report that it was reviewing euro zone debt holdings, easing market concerns over the euro. As a result, the US dollar index fell back to 86.2. In addition, trading sentiment on the LME copper market was brisk following steady increases in the recent SHFE/LME copper price ratio, helping boost LME copper prices reach as high as USD 7,000/mt. Finally, LME copper prices closed at USD 6,970/mt, up USD 140/mt, with positions up 1,787 lots.

Pressure for LME copper prices at USD 7,000/mt is strong, with limited upward momentum expected in the short term. Therefore, SMM believes LME copper prices will fall back, with levels predicted between USD 6,800-7,000/mt.

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 - 2010/5/28 Copper Market

SMM Insight 10:20:52AM May 28, 2010 Source:SMM

SHANGHAI, May 28 (SMM) -- China denied on Thursday a report that it was reviewing euro zone debt holdings, easing market concerns over the euro. As a result, the US dollar index fell back to 86.2. In addition, trading sentiment on the LME copper market was brisk following steady increases in the recent SHFE/LME copper price ratio, helping boost LME copper prices reach as high as USD 7,000/mt. Finally, LME copper prices closed at USD 6,970/mt, up USD 140/mt, with positions up 1,787 lots.

Pressure for LME copper prices at USD 7,000/mt is strong, with limited upward momentum expected in the short term. Therefore, SMM believes LME copper prices will fall back, with levels predicted between USD 6,800-7,000/mt.

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