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SMM Copper Market Morning Review (2013-4-10)
Apr 10,2013 09:26CST
price review forecast
Source:SMM
Markets continued to absorb positive economic figures from China.

SHANGHAI, Apr. 10 (SMM) – Markets continued to absorb positive economic figures from China. China’s central bank may keep its easing monetary policy in place, which will help financial markets and prices of bulk commodity rebound. Marker risk aversion waned, keeping the US dollar index weak. The US Department of Commerce announced whole sale inventory sales rose 1.7% in February, a sign that commercial enterprises are reducing inventories to meet growing demand. This has raised hopes for growing copper demand from the US. Better-than-expected financial report of Alcoa helped US stocks close up overnight. The Dow Jones Index closed at a record high, up 0.64%. LME copper ended the day up more than 2% at USD 7,630/mt, with its high-end price at USD 7,645/mt. 

Selling pressure at highs has eased some. LME copper should fluctuate in the band of USD 7,560-7,650/mt during the Asian trading hours on Wednesday. The Shanghai Composite Index will rebound, helping SHFE 1308 copper contract prices open higher and move within RMB 55,400-56,300/mt. In spot markets, spot copper prices will climb to near RMB 56,000/mt. Downstream buying interest will diminish, causing spot copper premium to narrow to RMB 120-200/mt against SHFE 1304 copper contract.
 

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