SMM Morning Review - 2010/12/14 Copper Market -Shanghai Metals Market

Hot Keywords

  • Silicon
  • Nickel
  • Futures movement
  • Zinc
  • Copper scrap
  • Aluminium
  • Evening comments
  • Macroeconomics
  • Inventory data
  • Copper
  • Production data
  • Market commentary
  • MMi Iron Ore Port Index
  • निकल
  • minutes of internal morning meetings

SMM Morning Review - 2010/12/14 Copper Market

SMM Insight 09:39:02AM Dec 14, 2010 Source:SMM

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.

 

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 - 2010/12/14 Copper Market

SMM Insight 09:39:02AM Dec 14, 2010 Source:SMM

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.

 

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