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SMM Morning Review - 2010/6/18 Copper Market
Jun 18,2010 10:21CST
smm insight
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.

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