Home / Metal News / Aluminium / SMM Morning Review - 2010/7/13 Copper Market
SMM Morning Review - 2010/7/13 Copper Market
Jul 13,2010 09:32CST
smm insight

SHANGHAI, July 13 (SMM) – A slew of negative news weighed down LME copper prices yesterday. Firstly, China’s copper imports in June dropped on both a monthly and yearly basis, adding to market worries over demand in China. Secondly, the US dollar strengthened due to concerns over European bonds auction, helping the US dollar index return above 84. In this context, LME copper prices dropped as low as USD 6,605/mt, but remained above USD 6,600/mt. Finally, LME copper prices closed at 6,655/mt, down USD 90/mt.

During early Asian trading hours on Tuesday, LME copper prices remained weak and fluctuated around USD 6,650/mt, which will negatively affect SHFE copper market. SMM believes that SHFE current-month copper contract prices will move between RMB 53,200-53,500/mt on Tuesday.

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

copper Cu
copper price
LME market
SHFE market
US dollar
US dollar index

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news