Metals News
SMM Morning Review - 2010/12/14 Copper Market
smm insight
09:39AM
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

copper Cu
copper price
For queries, please contact Frank LIU at liuxiaolei@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn
Related Price

No Data