SMM Morning Review - 2010/9/20 Copper Market

SHANGHAI, Sep. 20 (SMM) – On Monday’s earlier Asian trading hours, LME copper price is continuing to fluctuate at above USD 7,700/mt. LME copper market last Friday hit a 4-month high of USD 7,809/mt due to a drop of the US dollar index. Although a rebound in the US dollar pared part of its gains at the tail of trading, LME copper prices succeeded to hold at above USD 7,700/mt.

Supported by rising LME copper prices, SMM believes that all copper contracts on the SHFE market will test the RMB 60,000/mt on Monday, but spot discounts will likely expand further as downstream producers remain cautious towards purchases.

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