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SMM Morning Review - 2010/12/3 Copper Market
Dec 3,2010 09:27CST
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SHANGHAI, Dec. 3 (SMM) – A slew of positive economic news came from the US. According to news on December 2nd, the US’s pending home sales data increased surprisingly, further easing market risk aversion sentiment. In this context, the US dollar continued to fall and slid below the 5-day moving average, down as low as 80.07 before ending at 80.23. As a result, LME copper prices advanced further, reaching as high as USD 8,752/mt, and fell slightly at the tail of trading to end at USD 8,705/mt, up 0.78%. Both positions and trading volumes dropped, down 1,192 lots, and 4,893 lots, respectively. Trading volumes fell for a third straight trading day, a sign of cautious attitude among longs with sharp price gains.

The US dollar is expected to fluctuate in the 80-80.4 range during Friday’s Asian trading hours, and LME copper prices will move between USD 8,650-8,760/mt, and SHFE three-month copper contract prices will be in the price band of RMB 65,000-66,000/mt on Friday. 


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