SMM Copper Market Morning Review (2013-4-2)

SHANGHAI, Apr. 2 (SMM) – LME copper should open at USD 7,460/mt this morning, showing strong resilience. Although the US ISM manufacturing data missed forecasts, the Markit shows the final reading of the US manufacturing posted the best quarter in two years. This will help LME copper move within USD 7,430-7,530/mt during the Asian trading hours on Tuesday. The Shanghai Composite Index will start the day unchanged from yesterday, while SHFE 1307 copper contract prices may stage a strong rally today since LME market will reopen today, with prices expected between RMB 53,800-54,800/mt. In spot markets, cargo holders will be unwilling to sell at below RMB 55,000/mt, with spot copper premiums expected between RMB 80-180/mt.