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SMM Morning Review - 2011/2/28 Copper Market
Feb 28,2011 10:02CST
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Source:SMM

SHANGHAI, Feb. 28 (SMM) –The US Department of Commerce announced on February 25th that the US GDP was revised down to an annualized rate of 2.8 percent in 4Q from 3.2%. Economists had expected GDP growth to rose 3.3%.The personal consumption expenditure (PCE) rose 1.8% in 4Q, and that was in line with the estimated data.  The core PCE was up 0.5%, higher than the projections of 0.4%. The US equities hit the lowest weekly level since November 2010 during the session, but generally closed in positive territory. Markets have gradually absorbed the impact on crude oil prices from political unrest in the Middle East, offsetting the negative impact on the market from the low-than-expected economic data in the 4Q. In addition, the US consumer confidence in February climbed to a 3-year high level, adding support to higher copper prices. In this context, LME copper prices surged, despite of an increase of 4,150 mt in inventories. Finally, LME copper prices closed at USD 9,750/mt, up USD 245/mt, or a gain of 2.6%, the largest daily gain since earlier December 2010

During Monday's Asian trading hours, the US dollar index is expected to move between 77.2-77.6, and LME copper prices will fluctuate in the USD 9,680-9,800/mt range, and SHFE three-month copper contract prices will fluctuate between RMB 72,500-73,900/mt.

 

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