SMM Morning Review - 2011/3/4 Copper Market -Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • NPI
  • hydrogen stations
  • Market commentary
  • Copper
  • thép
  • Macroeconomics
  • Aluminium
  • Stainless steel
  • Production data
  • Morning comments
  • Mengtai Group
  • Lithium
  • Iron ore

SMM Morning Review - 2011/3/4 Copper Market

SMM Insight 09:36:15AM Mar 04, 2011 Source:SMM

SHANGHAI, Mar. 4 (SMM) – The US Department of Labor announced on March 3rd that the US initial jobless claims in the week ending February 26th fell 20,000 to 368,000, down to the lowest level in more than 2 and 1/2 years. The data was far better than the economists' projections of an increase of 9,000 to 400,000. Meanwhile, a peace plan proposed by Venezuela's President Hugo Chavez to end the crisis in Libya sent crude oil prices down to USD 100/bbl, improving market confidence. In addition, Jean-Claude Trichet, the President of the European Central Bank announced to keep the interest rate unchanged at the record low level of 1.0%, pushing up the euro, and the US dollar fell in response. In this context, LME copper prices rallied, and briefly reached a 2-week high of USD 9,979/mt during the session. Before the end of the trading, profit taking sent LME copper prices down to USD 9,900/mt. Finally, LME copper prices closed at USD 9,910/mt, up USD 21/mt from a day earlier. LME copper inventories were up 500 mt.

During Friday's Asian trading hours, the US dollar index is expected to move between 76.3-76.9, and LME copper prices will fluctuate in the USD 9,850-9,950/mt range, and SHFE three-month copper contract prices will move between RMB 74,000-75,200/mt.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  copper Cu  copper price 

SMM Morning Review - 2011/3/4 Copper Market

SMM Insight 09:36:15AM Mar 04, 2011 Source:SMM

SHANGHAI, Mar. 4 (SMM) – The US Department of Labor announced on March 3rd that the US initial jobless claims in the week ending February 26th fell 20,000 to 368,000, down to the lowest level in more than 2 and 1/2 years. The data was far better than the economists' projections of an increase of 9,000 to 400,000. Meanwhile, a peace plan proposed by Venezuela's President Hugo Chavez to end the crisis in Libya sent crude oil prices down to USD 100/bbl, improving market confidence. In addition, Jean-Claude Trichet, the President of the European Central Bank announced to keep the interest rate unchanged at the record low level of 1.0%, pushing up the euro, and the US dollar fell in response. In this context, LME copper prices rallied, and briefly reached a 2-week high of USD 9,979/mt during the session. Before the end of the trading, profit taking sent LME copper prices down to USD 9,900/mt. Finally, LME copper prices closed at USD 9,910/mt, up USD 21/mt from a day earlier. LME copper inventories were up 500 mt.

During Friday's Asian trading hours, the US dollar index is expected to move between 76.3-76.9, and LME copper prices will fluctuate in the USD 9,850-9,950/mt range, and SHFE three-month copper contract prices will move between RMB 74,000-75,200/mt.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  copper Cu  copper price