Metals News
SMM Morning Review - 2011/3/24 Copper Market
smm insight
Mar 24,2011

SHANGHAI, Mar. 24 (SMM) – The US crude oil prices surged to USD 106.34/bbl, and gold prices hit a new high of USD 1438.0 per ounce, while silver prices set a 31-year high of USD 37.198 per ounce. The US three major indexes closed higher, and base metal prices followed suit. During the European trading hours, the US new home sales surprisingly dropped to a record low in February, and the US dollar rose. But both didn't exert great negative impact on copper prices. The LME copper prices in electronic trading continuously increased, reaching as high as USD 9,750/mt after breaking USD 9,700/mt. Finally, LME copper prices closed at USD 9,727/mt after a high open at USD 9,702/mt,up USD 237/mt, or a gain of more than 2%. 

During Thursday's Asian trading hours, the US dollar index is expected to move between 75.7-75.9, and LME copper prices will fluctuate in the USD 9,650-9,750/mt range, and SHFE three-month copper contract prices will move between RMB 72,000-73,000/mt.


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