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SMM Morning Review - 2011/3/7 Copper Market
Mar 7,2011 09:45CST
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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.

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