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SMM Morning Review - 2010/8/27 Copper Market
Aug 27, 2010 09:51CST
Source:SMM

SHANGHAI, Aug. 27 (SMM) -- Better-than-expected initial jobless claims in the US and declines in LME copper inventories both helped push up LME copper prices on Thursday. Meanwhile the short-covering by investors also gave support to LME copper market. LME copper prices fluctuated higher after opening, and finally closed at USD 7,320/mt, up USD 195/mt. However, trading volumes on LME copper market shrank, with total trading volumes at 77,095 lots, and the upward momentum in LME copper prices waned.

LME copper prices opened with a drop of USD 40/mt in Asian trading hours this morning, and will continue to fluctuate in a narrow band in the short term, with eyes on the US GDP data for 2Q due for release today.   

 

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