SMM Morning Review - 2010/7/6 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/7/6 Copper Market

SMM Insight 09:47:22AM Jul 06, 2010 Source:SMM

SHANGHAI, July 6 (SMM) – On Monday, US markets were closed to mark Independence Day, and LME copper prices managed to retain some of gains made during Asian trading hours at the start of the day in a quiet session. LME copper prices reached as high as USD 6,562/mt in the session, and finally closed at USD 6,480/mt, up USD 30/mt.

The Agricultural Bank of China will start subscriptions online on Tuesday, and SFHE copper market will come under pressure from performance in domestic stock markets. However, SHFE copper prices are able to find solid support at RMB 52,000/mt. Hence, SMM believes SHFE current-month copper contract will fluctuate in the RMB 52,000-53,000/mt in the near future.

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 - 2010/7/6 Copper Market

SMM Insight 09:47:22AM Jul 06, 2010 Source:SMM

SHANGHAI, July 6 (SMM) – On Monday, US markets were closed to mark Independence Day, and LME copper prices managed to retain some of gains made during Asian trading hours at the start of the day in a quiet session. LME copper prices reached as high as USD 6,562/mt in the session, and finally closed at USD 6,480/mt, up USD 30/mt.

The Agricultural Bank of China will start subscriptions online on Tuesday, and SFHE copper market will come under pressure from performance in domestic stock markets. However, SHFE copper prices are able to find solid support at RMB 52,000/mt. Hence, SMM believes SHFE current-month copper contract will fluctuate in the RMB 52,000-53,000/mt in the near future.

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