SMM Morning Review - 2011/3/28 Copper Market

SHANGHAI, Mar. 28 (SMM) – During Asian trading hours on March 26th, LME copper prices briefly reached USD 9,777/mt. However, LME copper prices edged down during the European and US trading hours, as the US Department of Commerce announced on March 26th the US consumer confidence dropped to a new low in more than one year. In addition, the US dollar index climbed above 76 points, as Philadelphia Federal Reserve President Charles Plosser said the US should raise the interest rate. In this context, LME copper prices neglected the positive news that the US GDP grew at an annual rate of 3.1% during 4Q, narrowing its daily gains.  Finally, LME copper prices closed at USD 9,719/mt, up USD 18.3/mt.

During Monday's Asian trading hours, the US dollar index is expected to move between 76.2-76.5, and LME copper prices will fluctuate in the USD 9,660-9,780/mt range, and SHFE three-month copper contract prices will move between RMB 72,000-73,000/mt.

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