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SMM Morning Review - 2010/9/17 Copper Market
Sep 17,2010 09:54CST
smm insight
Source:SMM

SHANGHAI, Sep. 17 (SMM) – The US reported mixed economic data yesterday. At first, the US initial jobless claims fell to a 2-month low level of 450,000 in the week ended September 11th, which boosted market sentiment. As a result, LME copper prices reached USD 7,730/mt. Later, however, the US reported contracting manufacturing activity in September, causing LME copper prices to give up some previous gains. Finally, LME copper prices closed at USD 7,675/mt, up USD 50/mt.

Since LME copper prices during Friday’s early Asian trading hours are fluctuating at around USD 7,700/mt, together with sharp declines in the SHFE copper market on Thursday, SMM believes that SHFE copper market will move above the RMB 59,000/mt mark on Friday.

 

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