SMM Morning Review - 2010/7/9 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/7/9 Copper Market

SMM Insight 09:36:25AM Jul 09, 2010 Source:SMM

SHANGHAI, July 9 (SMM) – The US dollar remained weak, and the US dollar index fell to 83.6. The US equities market rallied due to better-than-expected initial jobless data. In this context, LME copper prices hit as high as USD 6,742/mt during the session, but failed to test USD 6,800/mt due to lack of further upward momentum. Finally, LME copper prices closed at USD 6,660/mt.

SMM believes that LME copper prices will fluctuate in the USD 6,600-6,800/mt range in the near future. Domestic lead market is expected to fluctuate narrowly on Friday due to the impact of failure to move higher registered on the LME copper market overnight. SMM predicts SHFE July delivery copper prices will move between RMB 53,500-54,000/mt on Friday.

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 - 2010/7/9 Copper Market

SMM Insight 09:36:25AM Jul 09, 2010 Source:SMM

SHANGHAI, July 9 (SMM) – The US dollar remained weak, and the US dollar index fell to 83.6. The US equities market rallied due to better-than-expected initial jobless data. In this context, LME copper prices hit as high as USD 6,742/mt during the session, but failed to test USD 6,800/mt due to lack of further upward momentum. Finally, LME copper prices closed at USD 6,660/mt.

SMM believes that LME copper prices will fluctuate in the USD 6,600-6,800/mt range in the near future. Domestic lead market is expected to fluctuate narrowly on Friday due to the impact of failure to move higher registered on the LME copper market overnight. SMM predicts SHFE July delivery copper prices will move between RMB 53,500-54,000/mt on Friday.

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