SMM Morning Review - 2010/12/23 Copper Market -Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • Futures movement
  • MMi Iron Ore Port Index
  • Copper
  • Aluminium
  • Copper scrap
  • Stainless steel
  • Nickel
  • Macroeconomics
  • Evening comments
  • Tin
  • Market commentary
  • inventory
  • निकल

SMM Morning Review - 2010/12/23 Copper Market

SMM Insight 09:49:27AM Dec 23, 2010 Source:SMM

SHANGHAI, Dec. 23 (SMM) – The US GDP grew at an annualized rate of 2.6% during 3Q, lower than the analyst projection of a 2.8% growth. LME copper inventories increased by 1,225 mt to 363,950 mt on December 22nd, growing for a eighth straight day. With profit-taking by investors before the Christmas holiday, LME copper market overnight dropped slightly to end at USD 9,345/mt, a drop of 0.21%. Trading volumes were down 2,418 lots, and positions were down 295 lots. The US dollar index closed at 80.57 yesterday, standing at the 5-day moving averages. Currently, LME copper market showed stable performance.

During Thursday’s Asian trading hours, the US dollar index is expected to move between 80.4-80.9, and LME copper prices will fluctuate in the USD 9,270-9,400/mt range, and SHFE three-month copper contract prices will move in the RMB 68,500-69,700/mt range on Thursday.

 

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 - 2010/12/23 Copper Market

SMM Insight 09:49:27AM Dec 23, 2010 Source:SMM

SHANGHAI, Dec. 23 (SMM) – The US GDP grew at an annualized rate of 2.6% during 3Q, lower than the analyst projection of a 2.8% growth. LME copper inventories increased by 1,225 mt to 363,950 mt on December 22nd, growing for a eighth straight day. With profit-taking by investors before the Christmas holiday, LME copper market overnight dropped slightly to end at USD 9,345/mt, a drop of 0.21%. Trading volumes were down 2,418 lots, and positions were down 295 lots. The US dollar index closed at 80.57 yesterday, standing at the 5-day moving averages. Currently, LME copper market showed stable performance.

During Thursday’s Asian trading hours, the US dollar index is expected to move between 80.4-80.9, and LME copper prices will fluctuate in the USD 9,270-9,400/mt range, and SHFE three-month copper contract prices will move in the RMB 68,500-69,700/mt range on Thursday.

 

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