SMM Morning Review - 2010/12/3 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/12/3 Copper Market

SMM Insight 09:27:39AM Dec 03, 2010 Source:SMM

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. 

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  copper Cu  copper price 

SMM Morning Review - 2010/12/3 Copper Market

SMM Insight 09:27:39AM Dec 03, 2010 Source:SMM

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. 

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  copper Cu  copper price