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SMM Morning Review - 2010/1/11 Copper Market
SHANGHAI, Jan. 11 (SMM) -- Last Friday, the US government announced the non-agricultural employment rate for December 2009, down 85,000. The data dashed market hopes of higher interest rate by the Federal Reserve, leaving a weaker US dollar, and the US dollar dropped to around 77.1. In face of falling US dollar, the commodity market clawed back some previous losses. Prior to this, LME copper prices plunged due to expectations of tighter monetary policy in China. LME copper prices finished off USD 70/mt at USD 7,465/mt.
SMM believes LME copper prices today will rebound from low levels reported last Friday.
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