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SMM Morning Review - 2010/3/19 Copper Market
SHANGHAI, Mar. 19 (SMM) -- The summit of European Union leaders will open on March 25th. News that Greece will ask for help from IMF came out yesterday, triggering market concerns over the resolution to Greece's debt issues. As a result, the euro weakened, and the US dollar rebounded, helping the US dollar climb to 80.3-80.4. In this context, LME copper prices fell below USD 7,500/mt and closed at USD 7,495/mt, down USD 60/mt.
Although the US dollar strength had exerted negative impact on LME copper market, any declines were limited. SMM believes LME copper prices will fluctuate around USD 7,500/mt, with an upward bias.
To contact the writer on this report: iriszhu@smm.cn
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