Metals News
SMM Morning Review - 2010/12/2 Copper Market
smm insight
09:35AM
Source:SMM

SHANGHAI, Dec. 2 (SMM) – According to the data announced by ADP Employer Services on Wednesday, the US private-sector payroll increased by 93,000 in November, the most since November 2007, well above the 69,000 forecast. In other news, China’s manufacturing PMI surged to a 7-month high in November. In this context, market risk aversion sentiment eased, sending the US dollar index down to the 5-day moving average to close at 80.78. As a result, LME copper prices advanced by USD 251/mt, or 2.99% to finish at USD 8,638/mt after reaching as high as USD 8,655/mt.

Market sentiment turns positive in recent days, and market attention has shifted from the European debt issues to the process of world’s economy recovery. The US dollar index is expected to move between 80.4-80.9 on Thursday’s Asian trading hours, and LME copper prices will fluctuate in the USD 8,530-8,700/mt range, and SHFE three-month copper contract prices will move between RMB 64,500-65,500/mt.

 

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