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SMM Morning Review - 2011/2/23 Copper Market
Feb 23,2011 09:35CST
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Source:SMM

SHANGHAI, Feb. 23 (SMM) –The Conference Board said Tuesday that the US consumer confidence index in February jumped to the highest level since February 2008. But, the S&P/Case-Shiller home price indices dropped for sixth consecutive month in December after seasonal adjustment, a sign of great pressure facing the economy. Meanwhile, protests in Libya accelerated political tensions in the North Africa region, and raised market worries over crude oil supply, significantly pushing up crude oil prices. The rising crude oil prices triggered concerns over the slowing of global economic recovery. Some long speculators in the copper futures market increased sellings for profit-taking. As a result, the US COMEX copper futures prices slid by 3% to a 3-1/2-month low, with trading volumes hitting a record. Although LME copper market narrowed declines after the US gave up earlier gains, rising inventories continued to weigh on prices. Affected by negative news, LME copper prices briefly fell as low as USD 9,511/mt to test the 60-day moving averages, and finally closed at USD 9,540/mt, down USD 309/mt or 3.14%, failing to hold at USD 9,600/mt.

During Wednesday's Asian trading hours, the US dollar index is expected to move between 77.3-78.0, and SHFE three-month copper contract prices will fluctuate in the RMB 72,300-73,850/mt, and LME copper prices will fluctuate between USD 9,510-9,750/mt.

 

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