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SMM Morning Review - 2011/2/22 Copper Market
Feb 22,2011 10:12CST
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Source:SMM

SHANGHAI, Feb. 22 (SMM) –The PMI rose to 58.4 in the Euro zone in February, the highest level since July 2006. Meanwhile, the business climate index for German industry gained to a record high level of 111.2 in February. In addition, the impact on copper prices was limited after the US dollar index ended in negative territory, and the rising of US crude oil prices above USD 91.55 supported copper prices. In this context, the LME copper market overnight rallied. However, market speculation helped LME copper prices move in a wide range of USD 9,727-9,930/mt. Finally, LME copper prices closed at USD 9,849/mt, up USD 21.3/mt, or a gain of 0.22%, with strong support remaining at the 30-day moving averages. Copper Inventories were up 3,550 mt, the biggest since August, with increases mainly in Kwangyang and Busan.

During Tuesday's Asian trading hours, the US dollar index is expected to move between 77.4-77.9, and SHFE three-month copper contract prices will fluctuate in the RMB 73,700-75,000/mt, and LME copper prices will fluctuate between USD 9,750-9,950/mt.

 

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