SMM Morning Review - 2010/7/20 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/7/20 Copper Market

SMM Insight 09:34:57AM Jul 20, 2010 Source:SMM

SHANGHAI, July 20 (SMM) – The US equities markets closed higher on Monday, led by technology stocks, boosting LME copper market. In addition, the persistence of a weaker US dollar also supported LME copper prices. In this context, LME copper prices closed at USD 6,515/mt, up USD 35/mt.

Market focus is now on the upcoming US housing starts. Since the previous soft consumer data from the US has greatly dampened market sentiment, copper prices will likely drop further, if the data remains unfavorable. However, SMM believes LME copper prices will find support at USD 6,300/mt, given no further deterioration in market fundamentals and a weaker US dollar. 

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 - 2010/7/20 Copper Market

SMM Insight 09:34:57AM Jul 20, 2010 Source:SMM

SHANGHAI, July 20 (SMM) – The US equities markets closed higher on Monday, led by technology stocks, boosting LME copper market. In addition, the persistence of a weaker US dollar also supported LME copper prices. In this context, LME copper prices closed at USD 6,515/mt, up USD 35/mt.

Market focus is now on the upcoming US housing starts. Since the previous soft consumer data from the US has greatly dampened market sentiment, copper prices will likely drop further, if the data remains unfavorable. However, SMM believes LME copper prices will find support at USD 6,300/mt, given no further deterioration in market fundamentals and a weaker US dollar. 

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