SMM Morning Review - 2010/7/22 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/7/22 Copper Market

SMM Insight 09:48:28AM Jul 22, 2010 Source:SMM

SHANGHAI, July 22 (SMM) – LME copper prices on Wednesday closed higher despite of a stronger US dollar, and falling US equities markets. LME copper prices climbed above the important resistance level of USD 6,800/mt during the session, and later advanced further due to selling-offs by shorts, reaching as high as USD 6,875/mt. Finally, LME copper prices closed at USD 6,850/mt, up USD 180/mt or 2.7%.

SMM believes the round of price gains is due mainly to buying activities. However, whether or not the rising trend will sustain remains to be seen. Supported by advancing LME copper prices, SHFE current-month copper contract will break out RMB 54,000/mt on Wednesday, and the price mark at RMB 55,000/mt will serve as an important resistance level.

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 - 2010/7/22 Copper Market

SMM Insight 09:48:28AM Jul 22, 2010 Source:SMM

SHANGHAI, July 22 (SMM) – LME copper prices on Wednesday closed higher despite of a stronger US dollar, and falling US equities markets. LME copper prices climbed above the important resistance level of USD 6,800/mt during the session, and later advanced further due to selling-offs by shorts, reaching as high as USD 6,875/mt. Finally, LME copper prices closed at USD 6,850/mt, up USD 180/mt or 2.7%.

SMM believes the round of price gains is due mainly to buying activities. However, whether or not the rising trend will sustain remains to be seen. Supported by advancing LME copper prices, SHFE current-month copper contract will break out RMB 54,000/mt on Wednesday, and the price mark at RMB 55,000/mt will serve as an important resistance level.

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