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SMM Morning Review - 2010/1/4 Copper Market
SHANGHAI, Jan. 4 (SMM) -- LME copper prices hit a new high on the last trading day of 2009 following stronger crude oil prices and labor strikes at copper mines. An unexpected decline in the US initial jobless claims caused the US dollar to advance, with the US dollar index up to around 78.0. As a result, LME copper prices fell back from USD 7,423/mt, with prices closing at USD 7,375/mt, up USD 45/mt.
SMM believes LME copper prices will remain strong before the arrival of Chinese New Year holiday, given investor optimistic outlook for copper consumption after the holiday, with prices expected to test USD 7,500/mt in the pre-holiday market.
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