SMM Morning Review - 2010/6/24 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/6/24 Copper Market

SMM Insight 09:47:10AM Jun 24, 2010 Source:SMM

SHANGHAI, June 24 (SMM) – The US Federal Reserve decided to leave its extremely low interest rate unchanged at their historical low of 0-0.25%, which was in line with market expectations. However, the US’s new home sales in May tumbled by 32.7% to 300,000 from April levels, since a boost from a popular tax credit faded, well below market estimations of 400,000 units, hitting a new record low. In this context, LME copper prices retreated as low as USD 6,488/mt before closing at USD 6,550/mt, down USD 55/mt. During Asian trading hours on Thursday, LME copper prices started to rebound. SMM expects LME copper prices to move between USD 6,500-6,700/mt in the short term. SMM believes SHFE September delivery copper prices will fluctuate in the RMB 52,800-54,000/mt range on Thursday.

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 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 - 2010/6/24 Copper Market

SMM Insight 09:47:10AM Jun 24, 2010 Source:SMM

SHANGHAI, June 24 (SMM) – The US Federal Reserve decided to leave its extremely low interest rate unchanged at their historical low of 0-0.25%, which was in line with market expectations. However, the US’s new home sales in May tumbled by 32.7% to 300,000 from April levels, since a boost from a popular tax credit faded, well below market estimations of 400,000 units, hitting a new record low. In this context, LME copper prices retreated as low as USD 6,488/mt before closing at USD 6,550/mt, down USD 55/mt. During Asian trading hours on Thursday, LME copper prices started to rebound. SMM expects LME copper prices to move between USD 6,500-6,700/mt in the short term. SMM believes SHFE September delivery copper prices will fluctuate in the RMB 52,800-54,000/mt range on Thursday.

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