SMM Morning Review - 2010/7/8 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/7/8 Copper Market

SMM Insight 09:28:16AM Jul 08, 2010 Source:SMM

SHANGHAI, July 8 (SMM) – The US equities market rallied, led by better-than-expected profits at State Street Bank. The euro remained strong, standing above the 60-day moving average against the US dollar. The US dollar index fell to around 83.7. In this context, LME copper prices rebounded, and closed higher at USD 6,700/mt.

During early Asian trading hours on Thursday, LME copper prices on electronic trading remained on an upward track, fluctuating above USD 6,700/mt. SMM believes SHFE copper prices will climb higher on Thursday due to rallying LME copper prices, and SHFE July delivery copper prices are expected to move in the RMB 53,200-53,700/mt range. 

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 - 2010/7/8 Copper Market

SMM Insight 09:28:16AM Jul 08, 2010 Source:SMM

SHANGHAI, July 8 (SMM) – The US equities market rallied, led by better-than-expected profits at State Street Bank. The euro remained strong, standing above the 60-day moving average against the US dollar. The US dollar index fell to around 83.7. In this context, LME copper prices rebounded, and closed higher at USD 6,700/mt.

During early Asian trading hours on Thursday, LME copper prices on electronic trading remained on an upward track, fluctuating above USD 6,700/mt. SMM believes SHFE copper prices will climb higher on Thursday due to rallying LME copper prices, and SHFE July delivery copper prices are expected to move in the RMB 53,200-53,700/mt range. 

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