SMM Morning Review - 2010/6/25 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/6/25 Copper Market

SMM Insight 09:32:49AM Jun 25, 2010 Source:SMM

SHANGHAI, June 25 (SMM) – As market was digesting the US Federal Reserve’s comments about weaker-than-expected economic recovery, Dow Jones came under pressure and closed at 10,152 points, down 145 points. However, stronger-than-expected durable orders and dropping jobless claims figures later helped improve market sentiment. LME copper prices slid as low as USD 6,538/mt after opening at USD 6,570/mt, and finally finished at a daily high of USD 6,695/mt. LME copper inventories fell 1,725 mt to 454,700 mt. On Friday morning, LME copper prices in electronic trading opened at USD 6,670/mt, and met resistance when trying to break out USD 6,700/mt, a sign of lack of upward momentum.

SHFE copper market will remain closely related to China A-shares market, and try to find a solid support at RMB 53,500/mt before testing RMB 54,000/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 - 2010/6/25 Copper Market

SMM Insight 09:32:49AM Jun 25, 2010 Source:SMM

SHANGHAI, June 25 (SMM) – As market was digesting the US Federal Reserve’s comments about weaker-than-expected economic recovery, Dow Jones came under pressure and closed at 10,152 points, down 145 points. However, stronger-than-expected durable orders and dropping jobless claims figures later helped improve market sentiment. LME copper prices slid as low as USD 6,538/mt after opening at USD 6,570/mt, and finally finished at a daily high of USD 6,695/mt. LME copper inventories fell 1,725 mt to 454,700 mt. On Friday morning, LME copper prices in electronic trading opened at USD 6,670/mt, and met resistance when trying to break out USD 6,700/mt, a sign of lack of upward momentum.

SHFE copper market will remain closely related to China A-shares market, and try to find a solid support at RMB 53,500/mt before testing RMB 54,000/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