SHANGHAI, Dec. 27 (SMM) – Last Friday, trading sentiment was lackluster due to the arrival of the Christmas holiday, and market was waiting for further direction from the development of euro-debt issues and economic recovery in the US, as well as China’s new monetary measures. In this context, LME copper market closed at 9,360/mt, up 0.52%, and positions were down slightly by 229 lots, and market sentiment was cautiously positive. On the evening of December 25th, China’s central bank announced to raise the benchmark lending and deposit interest rates by 25 basis points from December 26th 2010, the second rate rise in just over two months. Market concerns over interest rate hike in China were eased after the increase by China’s central bank.
LME base metal market will be closed on Monday due to the Christmas holiday. During Monday’s Asian trading hours, the US dollar is expected to move between 80.4-80.8, and SHFE three-month copper contract prices will fluctuate in the RMB 68,000-69,200/mt range on Monday. With no direction from LME copper market and eased market concerns, SHFE copper market is likely to set a new high on Monday.
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