SMM Morning Review - 2010/7/21 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/7/21 Copper Market

SMM Insight 10:02:36AM Jul 21, 2010 Source:SMM

SHANGHAI, July 21 (SMM) – The US announced mixed housing data yesterday. Although the US housing starts in June dropped to an 8-month low, only at 549,000, well below the expectation of 580,000, building permits unexpectedly rallied 2.1% to 586,000, suggesting that the US housing data will likely improve in the future. With the mixed housing data, LME base metal markets moved higher with rising US equities markets. LME copper prices stood above USD 6,600/mt again, and finally closed at USD 6,670/mt, up USD 155/mt, or 2.4%.

Despite of frequent movements in recent days, copper prices remain in its previous fluctuating range. SMM believes SHFE copper prices will track LME rising copper prices on Wednesday, with SHFE current-month copper contract expected to move between RMB 53,500-53,800/mt.

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 - 2010/7/21 Copper Market

SMM Insight 10:02:36AM Jul 21, 2010 Source:SMM

SHANGHAI, July 21 (SMM) – The US announced mixed housing data yesterday. Although the US housing starts in June dropped to an 8-month low, only at 549,000, well below the expectation of 580,000, building permits unexpectedly rallied 2.1% to 586,000, suggesting that the US housing data will likely improve in the future. With the mixed housing data, LME base metal markets moved higher with rising US equities markets. LME copper prices stood above USD 6,600/mt again, and finally closed at USD 6,670/mt, up USD 155/mt, or 2.4%.

Despite of frequent movements in recent days, copper prices remain in its previous fluctuating range. SMM believes SHFE copper prices will track LME rising copper prices on Wednesday, with SHFE current-month copper contract expected to move between RMB 53,500-53,800/mt.

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