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.
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