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SMM Morning Review - 2010/1/13 Copper Market
SHANGHAI, Jan. 13 (SMM) -- On Tuesday, China's Central Bank announced to lift its deposit reserve requirement ratio by 0.5 percentage points, and this is the first increase for the ratio since June 2008. Although the Central Bank raised the yield of three-month bill last week, the move to increase the ratio was unexpected, further triggering market concerns of higher interest rate. As a result, the commodity market plunged. Coupled with depressed performance at Aluminum Company of America, funds withdrew from the risky commodity market. LME copper prices weakened, with prices ending at USD 7,455/mt, down USD 113/mt.
SMM believes LME copper market will experience corrections on Wednesday and Thursday, and the short-term resistance will be USD 7,200/mt.
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