SMM Morning Review - 2011/3/16 Copper Market -Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Rare earths
  • Market commentary
  • Macroeconomics
  • Zinc
  • Rare earth
  • Nickel
  • Aluminium
  • Iron ore
  • Sales data
  • Stainless steel
  • Copper
  • MMi Iron Ore Port Index
  • Futures movement
  • precious metals

SMM Morning Review - 2011/3/16 Copper Market

SMM Insight 09:34:14AM Mar 16, 2011 Source:SMM

SHANGHAI, Mar. 16 (SMM) – Investor risk appetite dropped along with growing worries over nuclear power plant in Japan from the massive earthquake. Nikkei index continued to tumble on Tuesday, sending the US dollar index up to 77.04, which further weighed on base metal prices. LME copper prices in electronic trading briefly fell below USD 9,000/mt, down as low as USD 8,944.5/mt. Later, the US Federal Reserve announced to continue its quantitative easing policy and keep its interest rate unchanged at a record low of 0-0.25%, pushing down the US dollar index. As a result, LME copper prices rallied, recouping some earlier losses. Finally, LME copper prices closed at USD 9,118/mt after a low open at USD 8,990/mt, down USD 77/mt.

During Wednesday's Asian trading hours, the US dollar index is expected to move between 76.2-77.6, and LME copper prices will fluctuate in the USD 9,050-9,220/mt range, and SHFE three-month copper contract prices will move between RMB 68,500-69,650/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 - 2011/3/16 Copper Market

SMM Insight 09:34:14AM Mar 16, 2011 Source:SMM

SHANGHAI, Mar. 16 (SMM) – Investor risk appetite dropped along with growing worries over nuclear power plant in Japan from the massive earthquake. Nikkei index continued to tumble on Tuesday, sending the US dollar index up to 77.04, which further weighed on base metal prices. LME copper prices in electronic trading briefly fell below USD 9,000/mt, down as low as USD 8,944.5/mt. Later, the US Federal Reserve announced to continue its quantitative easing policy and keep its interest rate unchanged at a record low of 0-0.25%, pushing down the US dollar index. As a result, LME copper prices rallied, recouping some earlier losses. Finally, LME copper prices closed at USD 9,118/mt after a low open at USD 8,990/mt, down USD 77/mt.

During Wednesday's Asian trading hours, the US dollar index is expected to move between 76.2-77.6, and LME copper prices will fluctuate in the USD 9,050-9,220/mt range, and SHFE three-month copper contract prices will move between RMB 68,500-69,650/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