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SMM Morning Review - 2010/3/22 Copper Market
SHANGHAI, Mar. 22 (SMM) --The announcement of India's central bank to lift interest rates by 0.25% triggered market worries over higher interest rates in new emerging countries. The news pushed up the US dollar, helping the US dollar index rebound to 80.8. LME copper market on Friday fell as low as USD 7,408/mt along with US dollar strength, falling US stocks and other commodities markets, with prices finally closing at USD 7,445/mt, down USD 50/mt. Recently, the negative correlation between LME copper prices and the US dollar remained, but any declines were limited compared with price gains.
The US dollar index will experience fluctuations along with lingering Greece's debt issues and expectations of interest rate hikes. In this context, copper prices will continue to move along with changes of the US dollar index.
To contact the writer on this report: iriszhu@smm.cn
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