SMM Morning Review - 2010/6/9 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/6/9 Copper Market

SMM Insight 09:49:45AM Jun 09, 2010 Source:SMM

SHANGHAI, June 9 (SMM) – The euro rebounded from lows, helping the US dollar index drop below 88. In this context, base metal prices rallied across the board, with LME zinc prices leading gains, up more than 6%. LME copper prices advanced to USD 6,100/mt due to short covering, reaching as high as USD 6,185/mt before closing at USD 6,130/mt. During early Asian trading hours, LME copper prices continued to advance, hitting as high as USD 6,230/mt.

LME copper prices have stabilized at USD 6,100/mt temporarily, halting its decline trend. However, possibility of strong performance in recent days is small in view of its existing weak price rebound momentum, and copper prices will continue to fluctuate towards a downward track if any solid negative news is available. 

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 - 2010/6/9 Copper Market

SMM Insight 09:49:45AM Jun 09, 2010 Source:SMM

SHANGHAI, June 9 (SMM) – The euro rebounded from lows, helping the US dollar index drop below 88. In this context, base metal prices rallied across the board, with LME zinc prices leading gains, up more than 6%. LME copper prices advanced to USD 6,100/mt due to short covering, reaching as high as USD 6,185/mt before closing at USD 6,130/mt. During early Asian trading hours, LME copper prices continued to advance, hitting as high as USD 6,230/mt.

LME copper prices have stabilized at USD 6,100/mt temporarily, halting its decline trend. However, possibility of strong performance in recent days is small in view of its existing weak price rebound momentum, and copper prices will continue to fluctuate towards a downward track if any solid negative news is available. 

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