SMM Morning Review - 2010/6/18 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/6/18 Copper Market

SMM Insight 10:21:45AM Jun 18, 2010 Source:SMM

SHANGHAI, June 18 (SMM) – No strong performance was seen on the SHFE market after reopening from Chinese Dragon Boat Festival holiday. The US’s initial jobless claims reached to 463,500 ended in the week June 12th, higher than expected. Moreover, the US leading index posted a weaker-than-expected growth of 0.4% in May. The negative news offset positive impact from a rising euro and a weaker US dollar index, which dropped to 85.6, as well as strengthening US equities. In this context, LME copper prices slid to USD 6,400/mt, and retreated as low as USD 6,420/mt before closing at USD 6,460/mt. Falling LME copper prices overnight suggested the closing of recent copper price gains. SMM expects SHFE copper prices to remain weak on Friday, with prices estimated to fluctuate between RMB 51,000-51,500/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 - 2010/6/18 Copper Market

SMM Insight 10:21:45AM Jun 18, 2010 Source:SMM

SHANGHAI, June 18 (SMM) – No strong performance was seen on the SHFE market after reopening from Chinese Dragon Boat Festival holiday. The US’s initial jobless claims reached to 463,500 ended in the week June 12th, higher than expected. Moreover, the US leading index posted a weaker-than-expected growth of 0.4% in May. The negative news offset positive impact from a rising euro and a weaker US dollar index, which dropped to 85.6, as well as strengthening US equities. In this context, LME copper prices slid to USD 6,400/mt, and retreated as low as USD 6,420/mt before closing at USD 6,460/mt. Falling LME copper prices overnight suggested the closing of recent copper price gains. SMM expects SHFE copper prices to remain weak on Friday, with prices estimated to fluctuate between RMB 51,000-51,500/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