Metals News
SMM Morning Review - 2011/3/23 Copper Market
smm insight
09:48AM
Mar 23,2011
Source:SMM

SHANGHAI, Mar. 23 (SMM) – On March 22nd, coalition forces continued to launch airstrikes on Libya, and the UN Security Council passed Resolution 1973, which authorised the use of "all necessary means" to protect civilians. Japan's central bank injected further cash into stocks market on March 21st, improving market sentiment.  The US dollar index fell to 75.24 after crude oil prices showed a sign of weakness after nearing USD 105/bbl, also supporting copper prices. As a result, LME copper market shook off the negative impact from the unfavorable existing home sales data in the US. Finally, LME copper prices closed at USD 9,490/mt, up USD 85/mt.

During Wednesday's Asian trading hours, the US dollar index is expected to move between 75.4-75.6, and LME copper prices will fluctuate in the USD 9,400-9,525/mt range, and SHFE three-month copper contract prices will move between RMB 70,900-71,600/mt.

 

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