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SMM Morning Review - 2010/2/5 Copper Market
SHANGHAI, Feb. 5 (SMM) -- The euro plunged due to debt woes in the Eurozone, and the US dollar index advanced as a result, climbing above 80, and moving around 80.01. Soaring US dollar weighed down commodity markets, sending base metals markets lower. LME copper prices fell below USD 6,500/mt, dropping as low as USD 6,338/mt, with prices ending at USD 6,372/mt.
Faced with firmer US dollar, base metals markets are not expected to rebound, but will make corrections towards previous declines, with prices estimated to fluctuate around USD 6,500/mt.
To contact the writer on this report: iriszhu@smm.cn
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