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SMM Morning Review - 2011/9/8 Copper Market
Sep 8,2011 09:30CST
price review forecast
Source:SMM
LME copper prices are expected to move between USD 9,000-9,100/mt during today's Asian trading hours, and SHFE 1111 copper contract prices will move in the RMB 67,100-68,200/mt band.

SHANGHAI, Sept. 8 (SMM) –Obama's jobs plan stimulated US equity markets to close more than 2% higher on Wednesday. Meanwhile, Germany's constitutional court has supported the country's participation in the euro-zone bailouts, lifting the euro and pressuring the US dollar to close significantly down. In this context, market confidence improved slightly, which helped LME copper prices move continuously upside to challenge USD 9,100/mt after breaking the 5 and the 10-day moving averages. Finally, LME copper prices closed at USD 9,095/mt, a gain of 1.62%. Long investors opened new positions, and short investors' strength was seen to gradually release after LME copper prices closed down for four consecutive days.

The euro is expected to keep cautious trends before the European Central Bank's interest rate decision to be announced this evening and the press conference held by Jean-Claude-Trichet. A slight higher US dollar will limit the upward room for LME copper prices, which will test the support of the 10-day moving average and are expected to move between USD 9,000-9,100/mt during today's Asian trading hours. Chinese stock markets will hold 2,500 points. SHFE copper prices will open higher and then try to break the resistance at RMB 68,000/mt, and SHFE 1111 copper contract prices will move in the RMB 67,100-68,200/mt band.    
 

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