SMM Morning Review - 2011/3/30 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2011/3/30 Copper Market

SMM Insight 09:21:43AM Mar 30, 2011 Source:SMM

SHANGHAI, Mar. 30 (SMM) – During the Asian trading hours on March 29th, LME copper prices drifted lower as the US dollar index rallied to 76.42, dropping below USD 9,500/mt. During the European and US trading hours, the US announced its consumer confidence index fell to 63.4 in March, below than the expected level of 65.0. The lower-than-expected data sent LME copper prices further lower, down as low as USD 9,429/mt. Later, technical buying and a high close in the US stocks markets helped LME copper prices rally. Finally, LME copper market reversed its downward trend, and finished at USD 9,582/mt, up USD 27/mt, standing above the 20-day moving averages.

During Wednesday'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 9,500-9,600/mt range, and SHFE three-month copper contract prices will move between RMB 70,500-71,400/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 - 2011/3/30 Copper Market

SMM Insight 09:21:43AM Mar 30, 2011 Source:SMM

SHANGHAI, Mar. 30 (SMM) – During the Asian trading hours on March 29th, LME copper prices drifted lower as the US dollar index rallied to 76.42, dropping below USD 9,500/mt. During the European and US trading hours, the US announced its consumer confidence index fell to 63.4 in March, below than the expected level of 65.0. The lower-than-expected data sent LME copper prices further lower, down as low as USD 9,429/mt. Later, technical buying and a high close in the US stocks markets helped LME copper prices rally. Finally, LME copper market reversed its downward trend, and finished at USD 9,582/mt, up USD 27/mt, standing above the 20-day moving averages.

During Wednesday'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 9,500-9,600/mt range, and SHFE three-month copper contract prices will move between RMB 70,500-71,400/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