SMM Morning Review - 2010/6/29 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/6/29 Copper Market

SMM Insight 09:48:02AM Jun 29, 2010 Source:SMM

SHANGHAI, June 29 (SMM) – Market responded quietly to agreement on budget cuts reached during G-20 Summit, and the US dollar index edged up. LME copper prices climbed further due to the stronger-than-expected spending data in the US. In addition, the spread between LME and SHFE market stimulated investor “buy London and sell Shanghai”, helping LME copper prices reach as high as USD 6,880/mt. However, SMM believes LME copper prices will come under great pressure to move higher based on yesterday’s price trends. Finally, LME copper prices closed at USD 6,815/mt, down USD 45/mt.

On Tuesday, SMM predicts SHFE copper prices will fall due to arbitrage selling, and SHFE copper prices will continue to fluctuate in the short term, with prices for September delivery expected to move between RMB 53,500-54,500/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 - 2010/6/29 Copper Market

SMM Insight 09:48:02AM Jun 29, 2010 Source:SMM

SHANGHAI, June 29 (SMM) – Market responded quietly to agreement on budget cuts reached during G-20 Summit, and the US dollar index edged up. LME copper prices climbed further due to the stronger-than-expected spending data in the US. In addition, the spread between LME and SHFE market stimulated investor “buy London and sell Shanghai”, helping LME copper prices reach as high as USD 6,880/mt. However, SMM believes LME copper prices will come under great pressure to move higher based on yesterday’s price trends. Finally, LME copper prices closed at USD 6,815/mt, down USD 45/mt.

On Tuesday, SMM predicts SHFE copper prices will fall due to arbitrage selling, and SHFE copper prices will continue to fluctuate in the short term, with prices for September delivery expected to move between RMB 53,500-54,500/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