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SMM Morning Review - 2010/8/19 Copper Market
Aug 19, 2010 09:51Source:SMM
SHANGHAI, Aug. 19 (SMM) – Financial markets showed quiet movements yesterday, as no major economic data was released. LME copper prices rallied further due to declines in inventories and slight increases in the US equities market, reaching as high as USD 7,410/mt. LME copper prices generally moved around USD 7,300/mt in the session, and finally closed at USD 7,380/mt.
SMM believes that SHFE copper market will represent stable performance on Thursday due to impact from LME copper market overnight, and any movement will be closely linked to performance in China A-share market. SMM expects SHFE September delivery copper contract to fluctuate in the RMB 58,000-58,500/tm range on Thursday.
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