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SMM Morning Review - 2010/2/23 Copper Market
SHANGHAI, Feb. 23 (SMM) -- SHFE copper prices reported only limited increases on Monday, and spot consumption was weak, both resulting in falling LME copper prices. In addition, rebounding US dollar and dropping US stocks also exerted downward pressure on copper prices. In this context, LME copper prices dipped to USD 7,290/mt, and closed at USD 7,310/mt, down USD 105/mt. Mixed views on market outlook intensified negatively affected by limited increases in SHFE copper prices yesterday, and downstream consumption did not recover completely, so SMM predicts market consumption will improve later this week, and copper prices will continue to fluctuate this week.
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