SMM Morning Review - 2011/3/7 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2011/3/7 Copper Market

SMM Insight 09:45:26AM Mar 07, 2011 Source:SMM

SHANGHAI, Mar. 7 (SMM) – LME copper prices briefly reached USD 9,999/mt in earlier tradings on March 4th along with trader optimistic outlook, the highest level since February 15th. Later, the US Department of Labor announced the US non-farm employment was up 192,000 in February, and the jobless rate fell to 8.9%, the first time for the data down below 9% since April 2009. Despite of positive data, the US crude oil futures prices jumped to USD 105.17/bbl, the highest level since September 2008 due to the unrest in Libya, and the Brent oil reached USD 116/bbl. Soaring crude oil prices and worries over world's economic recovery overshadowed the US economic data. As a result, the US equities dropped, and LME copper prices were also weighed down. Finally, LME copper prices closed at USD 9,845/mt, down USD 28/mt. LME copper inventories were up 1,250 mt. Despite of a low closing on Friday, LME copper prices registered a weekly gain of 1.5% over the past week, bringing its third straight weekly decline to an end.

During Monday's Asian trading hours, the US dollar index is expected to move between 76.2-76.6, and LME copper prices will fluctuate in the USD 9,830-9,990/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 - 2011/3/7 Copper Market

SMM Insight 09:45:26AM Mar 07, 2011 Source:SMM

SHANGHAI, Mar. 7 (SMM) – LME copper prices briefly reached USD 9,999/mt in earlier tradings on March 4th along with trader optimistic outlook, the highest level since February 15th. Later, the US Department of Labor announced the US non-farm employment was up 192,000 in February, and the jobless rate fell to 8.9%, the first time for the data down below 9% since April 2009. Despite of positive data, the US crude oil futures prices jumped to USD 105.17/bbl, the highest level since September 2008 due to the unrest in Libya, and the Brent oil reached USD 116/bbl. Soaring crude oil prices and worries over world's economic recovery overshadowed the US economic data. As a result, the US equities dropped, and LME copper prices were also weighed down. Finally, LME copper prices closed at USD 9,845/mt, down USD 28/mt. LME copper inventories were up 1,250 mt. Despite of a low closing on Friday, LME copper prices registered a weekly gain of 1.5% over the past week, bringing its third straight weekly decline to an end.

During Monday's Asian trading hours, the US dollar index is expected to move between 76.2-76.6, and LME copper prices will fluctuate in the USD 9,830-9,990/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