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

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SMM Morning Review - 2010/7/7 Copper Market

SMM Insight 09:53:24AM Jul 07, 2010 Source:SMM

SHANGHAI, July 7 (SMM) – Positive comments by Australian central bank after interest rate decision boosted market risk appetite. As a result, the US dollar index dropped below 84, down as low as 83.82. LME copper prices advanced along with a weaker US dollar and rising equities markets, reaching as high as USD 6,600/mt before ending at USD 6,570/mt, up USD 90/mt.

SMM believes SHFE copper prices will trace rising pace of LME copper prices on Wednesday, and SHFE July delivery copper prices are expected to move between RMB 53,000-53,500/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 - 2010/7/7 Copper Market

SMM Insight 09:53:24AM Jul 07, 2010 Source:SMM

SHANGHAI, July 7 (SMM) – Positive comments by Australian central bank after interest rate decision boosted market risk appetite. As a result, the US dollar index dropped below 84, down as low as 83.82. LME copper prices advanced along with a weaker US dollar and rising equities markets, reaching as high as USD 6,600/mt before ending at USD 6,570/mt, up USD 90/mt.

SMM believes SHFE copper prices will trace rising pace of LME copper prices on Wednesday, and SHFE July delivery copper prices are expected to move between RMB 53,000-53,500/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