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SMM Morning Review - 2010/4/7 Copper Market
SHANGHAI, April 7 (SMM) -- LME copper prices advanced to USD 8,010/mt during the Asian trading hours, supported by the favorable employment and housing data, but the struggle between long and short positions was intense at USD 8,000/mt. Finally, LME lead prices closed down at USD 7,960/mt due to a rising US dollar.
On Monday, SHFE copper market represented strong performance when the LME market remained closed for the Easter holiday. Spot discounts narrowed following a nearer delivery date. Mixed market views emerged after LME copper prices broke through USD 8,000/mt, with corrections expected in the short term. However, SMM still believes copper prices will remain strong during the latter part of the week, with prices expected to hit a new high after standing firm at USD 8,000/mt.
To contact the writer on this report: iriszhu@smm.cn
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