SMM Morning Review - 2010/8/10 Copper Market

SHANGHAI, Aug. 10 (SMM) – Financial markets were quiet as market expected that the US Federal Reserve will take new efforts to bolster the economy on Tuesday’s meeting. LME copper prices briefly reached USD 7,490/mt, but failed to break through USD 7,500/mt, and later generally moved around USD 7,400/mt. Finally, LME copper prices closed at USD 7,415/mt, up USD 41/mt.

Particular attention should be paid to the US Fed interest rate meeting due Tuesday evening. If the US Fed announces more easing monetary policy as expected, LME copper market will get a lift, and prices will likely advance further after rising above the USD 7,500/mt mark.

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