SMM Morning Review - 2010/6/30 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/6/30 Copper Market

SMM Insight 10:12:35AM Jun 30, 2010 Source:SMM

SHANGHAI, June 30 (SMM) – LME copper prices tumbled yesterday, and slid as low as USD 6,465/mt after opening at USD 6,812/mt, and finally closed at USD 6,475/mt, down as much as 4.95%. China stock markets plunged to 2425.93 points on Tuesday, hitting a new 14-month low, sending base metal prices lower. Affected by concerns over the growth of global economy, LME base metal market fell across the board.

SMM believes SHFE October delivery copper prices will drop further due to falling LME copper prices overnight, with prices expected to move between USD 51,400-52,100/mt on Wednesday. 

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 - 2010/6/30 Copper Market

SMM Insight 10:12:35AM Jun 30, 2010 Source:SMM

SHANGHAI, June 30 (SMM) – LME copper prices tumbled yesterday, and slid as low as USD 6,465/mt after opening at USD 6,812/mt, and finally closed at USD 6,475/mt, down as much as 4.95%. China stock markets plunged to 2425.93 points on Tuesday, hitting a new 14-month low, sending base metal prices lower. Affected by concerns over the growth of global economy, LME base metal market fell across the board.

SMM believes SHFE October delivery copper prices will drop further due to falling LME copper prices overnight, with prices expected to move between USD 51,400-52,100/mt on Wednesday. 

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