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SMM Morning Review - 2010/3/17 Copper Market
SHANGHAI, Mar. 17 (SMM) -- The US Federal Reserve announced to keep its low interest rate unchanged, and renewed its promise to stay exceptionally low rate for an extended period. The news reduced market expectations of interest rate hikes, weighing down the US dollar. In addition, S&P affirmed Greece's rating in view of improved Greece's debt issue, boosting the euro. As a result, the US dollar index fell back to 79.73. LME copper prices returned above USD 7,400/mt, reaching as high as USD 7,461/mt, with prices ending at USD 7,435/mt, up USD 125/mt.
SMM believes the US dollar will likely continue to experience reductions in the short term, and LME copper market will strengthen in response.
To contact the writer on this report: iriszhu@smm.cn
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