SMM Morning Review - 2011/3/10 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2011/3/10 Copper Market

SMM Insight 09:34:47AM 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.

 

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 - 2011/3/10 Copper Market

SMM Insight 09:34:47AM 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.

 

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