Metals News
SMM Morning Review - 2011/3/3 Copper Market
smm insight
Mar 3,2011

SHANGHAI, Mar. 3 (SMM) –According to the data announced by the ISM on March 2nd, the US manufacturing activity for February gained from 60.8 to 61.4, the highest level since May 2004. The data was also higher than the projections of 60.9. Meanwhile, the US private employment grew 217,000, better than expected. The US three major indexes closed higher. The CPI for February in the Euro zone rose 2.4%, higher than the target set by the European Central Bank for a third month. The US dollar fell to a 4-month low against the euro, with the index down to 76.7, supporting the commodity prices. Crude oil prices kept soaring. New York crude oil prices climbed above USD 100/mt to close at USD 102/mt, closer to a 2 and 1/2 year high, triggering market concerns over economic recovery and inflations. Although inflation concerns from surging crude oil prices restrained copper price gains, a falling US dollar index and positive employment data in the US helped LME copper prices close slightly higher. Finally, LME copper prices closed at USD 9,889/mt, up USD 4/mt. LME copper inventories were up 3,275 mt to 423,550 mt, the highest level since mid July, 2010.

During Thursday's Asian trading hours, the US dollar index is expected to move between 76.5-77.0, and LME copper prices will fluctuate in the USD 9,760-9,880/mt range, and SHFE three-month copper contract prices will move between RMB 74,000-75,000/mt.

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