SMM Morning Review - 2011/3/24 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2011/3/24 Copper Market

SMM Insight 09:58:03AM Mar 24, 2011 Source:SMM

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.

 

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 - 2011/3/24 Copper Market

SMM Insight 09:58:03AM Mar 24, 2011 Source:SMM

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.

 

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