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Home / Metal News / SMM Morning Review - 2010/8/4 Copper Market

SMM Morning Review - 2010/8/4 Copper Market

iconAug 4, 2010 09:33

SHANGHAI, August 4 (SMM) – LME base metals ended mostly lower on Tuesday on the disappointing US pending housing sales data in June, which dropped by 2.6% to a record low of 75.7. LME copper prices fell as low as USD 7,355/mt before ending at USD 7,410/mt, down USD 60/mt.

Although LME copper prices were weighed down by the unfavorable data, upward momentum remains. SMM believes that LME copper prices will enter a period of corrections after nearly 10-day gains, and may move higher after finding support at USD 7,500/mt.

 

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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