Metals News
SMM Morning Review - 2011/3/10 Copper Market
smm insight
09:34AM
Mar 10,2011
Source:SMM

SHANGHAI, Mar. 10 (SMM) –The accelerating turmoil in Libya intensified market concerns over a slowing in world's economic recovery from soaring energy costs. Brent crude oil futures prices jumped nearly 3%, weighing on global stocks and commodity markets. Meanwhile, Gross sold all of its U.S. government-related securities, including U.S. Treasuries and agency debt. The move was interpreted by some market players that the US government will not introduce the third round of quantitative easing policy after the end of the second round, and the cash flow into copper market will reduce as a result. The interpretation also depressed LME copper prices. In addition, China's automobile sales in February were down 33.09% on a monthly basis to 1.26 million, further weighing on LME copper prices. LME copper prices fell as low as USD 9,239/mt along with huge selling-off after sliding below USD 9,300/mt during the session. Finally, LME copper prices closed at USD 9,275/mt, down USD 255/mt from a day earlier.

During Thursday's Asian trading hours, the US dollar index is expected to move between 76.5-76.8, and LME copper prices will fluctuate in the USD 9,200-9,450/mt range, and SHFE three-month copper contract prices will move between RMB 69,800-71,850/mt.

 

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