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SMM Morning Review - 2010/5/11 Copper Market
SHANGHAI, May 11 (SMM) -- The euro rebounded sharply following a $1 trillion emergency aid package, hampered out by European Union finance ministers, central bankers and the International Monetary Fund (IMF). As a result, the US dollar index fell as low as less than 83, and later rallied to 84.2. In this context, the US equities, oil and base metal prices rallied across the board. LME copper prices gained 2.67% in the session, with LME three-month reaching as high as USD 7,201/mt, and finally closed at USD 7,120/mt, up USD 205/mt.
At 10:00 am on Tuesday, China will announce CPI and a string of major economic data for April. If the data is positive, copper prices are expected to rise, but will likely meet resistance to climb higher in the medium and long term.
To contact the writer on this report: iriszhu@smm.cn
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