SMM Morning Review - 2010/7/6 Copper Market

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 

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