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SMM Morning Review - 2010/9/3 Copper Market
Sep 3,2010 10:05CST
smm insight

SHANGHAI, Sep. 3 (SMM) – LME copper market overnight sustained its previously rising trend. LME copper prices gained as high as USD 7,687/mt along with the better-than-expected initial jobless claims in the US, rising US equities and a weak US dollar index. However, market generally takes a pessimistic outlook towards the US non-far employment data, and such a concern caped further copper price rallies. In this context, LME copper prices ended slightly lower at the end of the trading, with prices finally closing at USD 7,645/mt, up USD 25/mt.

LME copper prices succeeded to close up USD 7,600/mt for a second straight day, establishing its support at the low-end level. If the US non-far employment data to be released on Friday evening drops significantly, LME copper prices will find support between USD 7,400-7,500/mt, with limited declines expected.


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