SMM Morning Review - 2010/12/17 Copper Market

SHANGHAI, Dec. 17 (SMM) – The US dollar index held firm at all moving averages and finished at 80.14 yesterday, with the highest and lowest level of 80.26 and 80.1. Investors took a cautious attitude due to risks of further increases in the US dollar, waiting for market direction from the upcoming EU summit, and economic data from China and the US. In this context, LME copper prices opened at USD 9,045/mt and closed at USD 9,005/mt after down as low as USD 8,930/mt during the session, a drop of 0.68%. Trading volumes were down 2,221 lots, while positions were up 2,142 lots, a sign of cautious market attitude.

During Friday’s Asian trading hours, the US dollar index is expected to move between 79.80-80.20, and LME copper prices will fluctuate between USD 8,950-9,090/mt, and RMB 66,900-68,100/mt for SHFE three-month copper contract prices on Friday.

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