SMM Morning Review - 2010/12/29 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/12/29 Copper Market

SMM Insight 09:45:33AM Dec 29, 2010 Source:SMM

SHANGHAI, Dec. 29 (SMM) – The US Federal Reserve Bank of Richmond announced on Tuesday that the composite manufacturing index jumped to 25 in December from 9 in November, indicating that manufacturing activity in the regions covered by the survey continues to expand. The index values greater than zero suggest expansion. In addition, the service sector remains in a period of expansion. Supported by positive data, the COMEX three-month copper contract prices continued to advance, and finished at 432.8 cents/lbs (USD 9,539/mt), a new record high.

LME copper market will resume trading after the Christmas holiday. During Wednesday’s Asian trading hours, the US dollar is expected to move between 80.2-80.5, and LME copper prices will fluctuate in the USD 9,340-9,460/mt range, and SHFE three-month copper contract prices will move between RMB 68,700-69,800/mt on Wednesday.

 

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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 - 2010/12/29 Copper Market

SMM Insight 09:45:33AM Dec 29, 2010 Source:SMM

SHANGHAI, Dec. 29 (SMM) – The US Federal Reserve Bank of Richmond announced on Tuesday that the composite manufacturing index jumped to 25 in December from 9 in November, indicating that manufacturing activity in the regions covered by the survey continues to expand. The index values greater than zero suggest expansion. In addition, the service sector remains in a period of expansion. Supported by positive data, the COMEX three-month copper contract prices continued to advance, and finished at 432.8 cents/lbs (USD 9,539/mt), a new record high.

LME copper market will resume trading after the Christmas holiday. During Wednesday’s Asian trading hours, the US dollar is expected to move between 80.2-80.5, and LME copper prices will fluctuate in the USD 9,340-9,460/mt range, and SHFE three-month copper contract prices will move between RMB 68,700-69,800/mt on Wednesday.

 

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