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SMM Morning Review - 2011/1/21 Copper Market

iconJan 21, 2011 09:41
Source:SMM

SHANGHAI, Jan. 21 (SMM) – According to the data from the US Department of Labor on January 20th, the US initial jobless claims dropped by 37,000 to 404,000 in the week ending January 15th. The new reading was better than expected. In addition China reported a strong GDP growth, and the inflationary pressures remained heavy, triggering market fears over further tightening measures by China’s government. In this context, the US equities moved lower, and the LME copper market overnight tumbled, down as low as USD 9,320/mt, registering the largest daily decline since mid November, 2010. Finally, LME copper market closed at USD 9,355/mt, down USD 230.5/mt, or a drop of 2.4%. Trading volumes were up 7,821 lots to 25,947 lots, and positions were down 5,063 lots to 312,520 lots.

During Friday’s Asian trading hours, the US dollar index is expected to move between 78.7-79.1, and LME copper prices will fluctuate in the USD 9,310-9,430/mt, and SHFE three-month copper prices will move between RMB 70,100-71,300/mt on Friday.

 

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