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SMM Morning Review - 2010/8/24 Copper Market
Aug 24, 2010 10:25CST
Source:SMM

SHANGHAI, Aug. 24 (SMM) -- Recent financial markets were neutral due to a lack of important economic news. The US equities softened slightly last night, and the US dollar strengthened supported by sluggish European economic data. Financial markets are waiting for the release of the US existing home sales and GDP data. LME copper prices fluctuated narrowly, falling from USD 7,331/mt to USD 7,239/mt, with prices finally ending at USD 7,275/mt, up USD 10/mt. Trading volumes were only 47,071 lots. Trading sentiment was brisk in spot markets recently, indicating market players believe copper prices below USD 7,200/mt were acceptable, and declines in copper prices were limited as well. SMM predicts LME copper prices will continue to fluctuate around USD 7,300/mt.    

 

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