SMM Morning Review - 2010/6/3 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/6/3 Copper Market

SMM Insight 09:43:47AM Jun 03, 2010 Source:SMM

SHANGHAI, June 3 (SMM) -- The favorable US's pending home sales data and automobile sales data helped equities and crude oil prices move higher, and the US dollar eased gains as a result. In this context, LME copper prices stabilized from earlier losses, and closed at USD 6,690/mt after falling as low as USD 6,567/mt, with slight declines in positions. LME copper prices have lost support at the 10-day moving average, but haven't dropped below the low-end of existing fluctuating band. 

SMM predicts SHFE copper prices will stabilize from Wednesday's sharp declines, with prices expected to move between RMB 53,500-54,500/mt on Thursday. 

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

Price

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#1 Refined Cu
Apr.19
49430.0
-170.0
(-0.34%)
Yangshan Copper Premium(Bill of Lading)
Apr.19
51.5
0.0
(0.00%)
Yangshan Copper Premium(Warehouse Warrant)
Apr.19
50.5
0.0
(0.00%)
Imported Cu Concentrate TC(Cu≥26%,Week)
Apr.19
67.0
-1.5
(-2.19%)
Imported Cu Concentrate TC(Cu≥26%,Month)
Mar.29
73.5
-6.0
(-7.55%)

SMM Morning Review - 2010/6/3 Copper Market

SMM Insight 09:43:47AM Jun 03, 2010 Source:SMM

SHANGHAI, June 3 (SMM) -- The favorable US's pending home sales data and automobile sales data helped equities and crude oil prices move higher, and the US dollar eased gains as a result. In this context, LME copper prices stabilized from earlier losses, and closed at USD 6,690/mt after falling as low as USD 6,567/mt, with slight declines in positions. LME copper prices have lost support at the 10-day moving average, but haven't dropped below the low-end of existing fluctuating band. 

SMM predicts SHFE copper prices will stabilize from Wednesday's sharp declines, with prices expected to move between RMB 53,500-54,500/mt on Thursday. 

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