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SMM Morning Review - 2010/8/16 Copper Market
Aug 16, 2010 10:41CST
Source:SMM

SHANGHAI, Aug. 16 (SMM) – Market concerns over the disappointing economic data announced previously still existed, and the unfavorable Italian government bonds sales added to market fears about the cash flow in the Euro zone. The US dollar, as a tool to hedge against the risk, attracted great buying activity, helping the US dollar index climb to 82.9. The index during Monday’s Asian trading hours broke through the 83 mark, weighing on base metals market. Moreover, continuing declines in the US equities markets further accelerated price declines of base metals. All base metals weakened except for tin prices. LME copper prices slid to end at USD 7,190/mt from the peak level on Friday of USD 7,315/mt, down USD 30/mt.

SMM believes that LME copper market will fluctuate widely in the near term, with price band expected between USD 7,000-7,500/mt, and prices will likely fluctuate in the upper-end of the price band in view of its resilience. 

 

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