SMM Morning Review - 2011/3/30 Copper Market

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.

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