SMM Morning Review - 2010/7/14 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/7/14 Copper Market

SMM Insight 09:40:46AM Jul 14, 2010 Source:SMM

SHANGHAI, July 14 (SMM) – A solid Greek debt auction, and increased risk appetite sent the US dollar index to a recent low of 83.3. In addition, Aluminum Company of America (Alcoa) announced the better-than-expected earnings, boosting the US equities market and base metal prices. LME copper prices bounced back, and reached as high as USD 6,695/mt before closing at USD 6,665/mt, up USD 10/mt.

During earlier Asian trading hours, LME copper prices are still on an upward track, fluctuating around USD 6,700/mt. SMM believes SHFE copper prices will move higher due to rising LME copper prices, but depressed spot sales from high prices will limit the advance. Hence, SMM expects SHFE July delivery copper contract to move in the RMB 53,500-54,000/mt range on Wednesday.

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 - 2010/7/14 Copper Market

SMM Insight 09:40:46AM Jul 14, 2010 Source:SMM

SHANGHAI, July 14 (SMM) – A solid Greek debt auction, and increased risk appetite sent the US dollar index to a recent low of 83.3. In addition, Aluminum Company of America (Alcoa) announced the better-than-expected earnings, boosting the US equities market and base metal prices. LME copper prices bounced back, and reached as high as USD 6,695/mt before closing at USD 6,665/mt, up USD 10/mt.

During earlier Asian trading hours, LME copper prices are still on an upward track, fluctuating around USD 6,700/mt. SMM believes SHFE copper prices will move higher due to rising LME copper prices, but depressed spot sales from high prices will limit the advance. Hence, SMM expects SHFE July delivery copper contract to move in the RMB 53,500-54,000/mt range on Wednesday.

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