Metals News
SMM Morning Review - 2011/3/29 Copper Market
smm insight
09:58AM
Mar 29,2011
Source:SMM

SHANGHAI, Mar. 29 (SMM) – During Asian trading hours on March 28, LME copper prices slid to USD 9,510/mt. The inflation in the Euro zone rose at an annual rate of 2.4% in February due to rising energy and food prices, stated by the President of the European Central Bank in the monthly report. The data exceeded the target set by the Bank, increasing possibility of interest rate hike in April. Trading sentiment was negative due to the news, and the US dollar index fluctuated at a high level of around 76.4, weighing on LME copper prices during the European and US trading hours.   Later, the US announced favorable economic data, helping LME copper prices recoup some losses. Finally, LME copper prices closed at USD 9,555/mt, up USD 164/mt.

During Tuesday's Asian trading hours, the US dollar index is expected to move between 76.0-76.3, and LME copper prices will fluctuate in the USD 9,430-9,550/mt range, and SHFE three-month copper contract prices will move between RMB 70,000-71,300/mt.

 

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