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SMM Morning Review - 2010/1/29 Copper Market
SHANGHAI, Jan. 29 (SMM) -- Following the news of lower-than-expected durable goods order in the US, financial markets remained on a downward track. The US dollar index reached as high as 79.1 along with news that Ben Bernanke continues its work as the chairman of the Federal Reserve, and a new high of yield rate of bonds in Greece and Germany. LME copper prices continued to weaken, with prices closing at USD 6,875/mt, down USD 160/mt, mainly caused by withdrawal of funds, and the round of price declines is expected to continue. LME copper prices have dropped below the 60-day moving average, leaving an unfavorable position for its outlook.
However, it doesn't suggest that copper prices have reversed its rising trend, and possibility still exists that copper prices will advance.
To contact the writer on this report: iriszhu@smm.cn
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