SMM Morning Review - 2011/4/14 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2011/4/14 Copper Market

SMM Insight 09:23:09AM Apr 14, 2011 Source:SMM

SHANGHAI, Apr. 14 (SMM) –The US dollar index rallied to 75.2 from 74.7, as the US President Barack Obama promised to control budget by reducing spending and raising taxes. Markets expect that China will further tighten its monetary policy if inflationary pressures remain high, and that reduce market outlook for copper demand in China, helping LME copper prices continue to drop. LME copper prices fell as low as USD 9,443/mt after falling below USD 9,500/mt, and finally closed at USD 9,448/mt, failing to return to USD 9,500/mt. LME copper inventories were up 3,225 mt yesterday. Higher inventories indicate heavy consumption pressure.

During Thursday's Asian trading hours, LME copper prices are expected to fluctuate in the USD 9,430-9,520/mt range, and SHFE three-month copper contract prices will move between RMB 70,900-71,600/mt.

 

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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 - 2011/4/14 Copper Market

SMM Insight 09:23:09AM Apr 14, 2011 Source:SMM

SHANGHAI, Apr. 14 (SMM) –The US dollar index rallied to 75.2 from 74.7, as the US President Barack Obama promised to control budget by reducing spending and raising taxes. Markets expect that China will further tighten its monetary policy if inflationary pressures remain high, and that reduce market outlook for copper demand in China, helping LME copper prices continue to drop. LME copper prices fell as low as USD 9,443/mt after falling below USD 9,500/mt, and finally closed at USD 9,448/mt, failing to return to USD 9,500/mt. LME copper inventories were up 3,225 mt yesterday. Higher inventories indicate heavy consumption pressure.

During Thursday's Asian trading hours, LME copper prices are expected to fluctuate in the USD 9,430-9,520/mt range, and SHFE three-month copper contract prices will move between RMB 70,900-71,600/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