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SMM Morning Review - 2010/4/8 Copper Market
SHANGHAI, April 8 (SMM) -- The euro fell against the dollar due to market concerns over the question whether or not the EU-IMF aid plan is able to help resolve Greece's debt issues, as Greece's 21 billion euros of debt will be due in April and May. As a result, the US dollar index climbed above 81.6, and the US stocks weakened due to depressed performance in energy sector. Affected by unfavorable news in financial market, LME copper prices fell back from above USD 8,000/mt, but found supported at USD 7,900/mt, dropping as low as USD 7,903/mt, with prices closed at USD 7,950/mt.
LME copper market tested above USD 8,000/mt for a second consecutive day, and whether or not will stand firm at the price level will determine its following trend. SMM believes that upward momentum is still available for copper prices, and positive news from other markets will help boost copper prices.
To contact the writer on this report: iriszhu@smm.cn
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