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SMM Morning Review - 2010/3/5 Copper Market
SHANGHAI, Mar. 5 (SMM) -- The US dollar rebounded following better-than-expected retail sales data and falling initial unemployment claims in the US, helping the US dollar index to climb to 80.5. In this context, LME copper prices weakened, with prices falling from a daily high level of USD 7,555/mt to USD 7,445/mt, down USD 125/mt.
SMM believes LME copper prices will continue to fluctuate for the foreseeable future, and will meet strong resistance at prices above USD 7,600/mt. If a substantial progress is able to made for Greece’s debt issues, the US dollar will weaken, and this will help push up copper prices.
To contact the writer on this report: iriszhu@smm.cn
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