SMM Morning Review - 2010/6/23 Copper Market -Shanghai Metals Market

Hot Keywords

  • Zinc
  • Market commentary
  • Futures movement
  • Copper
  • Aluminium
  • Inventory data
  • Lead
  • Evening comments
  • Macroeconomics
  • MMi Iron Ore Port Index
  • Li-Ion Battery Cathode Material
  • Morning comments
  • Customs data
  • Silicon
  • Nickel

SMM Morning Review - 2010/6/23 Copper Market

SMM Insight 09:46:03AM Jun 23, 2010 Source:SMM

SHANGHAI, June 23 (SMM) – The stronger-than-expected business climate index from Germany helped the euro rebound from lows, and LME copper prices gained as a result, rallying from USD 6,470/mt to USD 6,650/mt, and finally closed at USD 6,605/mt, up USD 55/mt.

SMM believes LME copper prices will retreat during Asian trading hours in view of the weaker-than-expected existing home sales and falling equity markets from the US. In this context, SHFE copper market will likely show weak movements. On Wednesday evening, the US government will announce its interest rate decision, and market is reported with cautious attitude before the release. Particular attention should be paid to the impact on trends of the US dollar and base metals from the decision.

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

Price

more
#1 Lead
Apr.22
16600.0
50.0
(0.30%)
T/C for domestic lead concentrate
Apr.01
1850.0
0.0
(0.00%)
T/C for imported lead concentrate
Apr.01
27.5
0.0
(0.00%)
#2 Lead
Apr.22
16525.0
25.0
(0.15%)
Secondary Lead
Apr.22
16125.0
25.0
(0.16%)

SMM Morning Review - 2010/6/23 Copper Market

SMM Insight 09:46:03AM Jun 23, 2010 Source:SMM

SHANGHAI, June 23 (SMM) – The stronger-than-expected business climate index from Germany helped the euro rebound from lows, and LME copper prices gained as a result, rallying from USD 6,470/mt to USD 6,650/mt, and finally closed at USD 6,605/mt, up USD 55/mt.

SMM believes LME copper prices will retreat during Asian trading hours in view of the weaker-than-expected existing home sales and falling equity markets from the US. In this context, SHFE copper market will likely show weak movements. On Wednesday evening, the US government will announce its interest rate decision, and market is reported with cautious attitude before the release. Particular attention should be paid to the impact on trends of the US dollar and base metals from the decision.

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