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SMM Morning Review - 2011/2/15 Copper Market
Feb 15,2011 09:46CST
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Source:SMM

SHANGHAI, Feb. 15 (SMM) – With no major economic data release, the US equities finished with fluctuations overnight. The US dollar index closed slightly higher, hitting 78.87 during the session. China announced an unexpected rise in import and export trade data for January on Monday. China’s copper imports remained high despite of the expanding price ratio, suggesting that China’s economic growth is unaffected by recent tightening measures. The optimistic outlook towards copper demand in China helped LME copper prices register the largest daily gains nearly in two weeks, and hit a new record high of USD 10,170.3/mt. Finally, LME copper prices closed at USD 10,161.8/mt, up USD 181.8/mt, or a gain of 1.82%. Positions were down 2 lots, while trading volumes were up 30 lots, and inventories were up 5,050 mt. Particular attention should be paid to China’s major economic data to be released at 10:00 am today. Worries over further tightening measures in China will likely help copper prices rise at first, and then fall.

During Tuesday’s Asian trading hours, the US dollar index is expected to move between 78.2-78.7, and SHFE three-month copper contract prices will move between RMB 76,000-77,000/mt, and LME copper prices will fluctuate in the USD 9,980-10,150/mt range.

 

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