SMM Morning Review - 2010/6/11 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/6/11 Copper Market

SMM Insight 10:00:38AM Jun 11, 2010 Source:SMM

SHANGHAI, June 11 (SMM) – The US dollar fell back from a high, and US and EU equities markets advanced due to support from strengthening mining and banking sectors. Dow Jones closed at 10,172 points, up 273 points. The euro returned above 1.21 against the US dollar. China’s copper imports boosted market confidence over China’s demand. In this context, LME copper prices stabilized at USD 6,250/mt, and rallied as high as USD 6,453/mt before ending at USD 6,380/mt. During early Asian trading hours, LME copper prices advanced to USD 6,400/mt on electronic trading, moving around USD 6,410/mt. LME copper prices have covered some previous losses, SMM believes LME copper prices will test the 10-day moving average after entering between 5-10 day moving average.    

On Friday, SMM believes SHFE copper prices will continue to open at high, and SHFE September delivery copper prices will point to RMB 51,500/mt after rising to the 5-day moving average. Market focus is now on the upcoming major data out of China to be released at 10:00 am.

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

Key Words:  copper Cu  copper price 

Price

more
#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 - 2010/6/11 Copper Market

SMM Insight 10:00:38AM Jun 11, 2010 Source:SMM

SHANGHAI, June 11 (SMM) – The US dollar fell back from a high, and US and EU equities markets advanced due to support from strengthening mining and banking sectors. Dow Jones closed at 10,172 points, up 273 points. The euro returned above 1.21 against the US dollar. China’s copper imports boosted market confidence over China’s demand. In this context, LME copper prices stabilized at USD 6,250/mt, and rallied as high as USD 6,453/mt before ending at USD 6,380/mt. During early Asian trading hours, LME copper prices advanced to USD 6,400/mt on electronic trading, moving around USD 6,410/mt. LME copper prices have covered some previous losses, SMM believes LME copper prices will test the 10-day moving average after entering between 5-10 day moving average.    

On Friday, SMM believes SHFE copper prices will continue to open at high, and SHFE September delivery copper prices will point to RMB 51,500/mt after rising to the 5-day moving average. Market focus is now on the upcoming major data out of China to be released at 10:00 am.

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

Key Words:  copper Cu  copper price