Metals News
SMM Morning Review - 2010/12/14 Copper Market
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SHANGHAI, Dec. 14 (SMM) – China’s CPI for November was as high as 5.1%, and the latest increases in reserve requirement ratio eased market fears over interest rate hikes in China. In addition, Moody’s warned on Monday the US’s top credit rating at risks. In this context, the US dollar index lost its support at the 5-day, 10-day, 20-day moving averages, and fell to the 20-30 day moving averages, and finally closed at 79.33. As a result, LME copper prices reached as high as USD 9,248/mt before closing at USD 9,240/mt, setting a new high. Although transactions remained depressed, positions continued to grow, up 5,754 lots, an indication that long positions remain strong.

During Tuesday’s Asian trading hours, the US dollar index is expected move between 79.11-79.60, and LME copper prices will fluctuate in the USD 9,150-9,250/mt range, and SHFE three-month copper contract prices will move at around RMB 68,000-69,500/mt on Tuesday.


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