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SMM Morning Review - 2010/5/14 Copper Market
SHANGHAI, May 14 (SMM) --Spain and Portugal announced to take actions to cut deficit budget. Although those moves will help ease concerns over the spread of debt issues in the Europe, investors worried economic recovery in the Europe would be negatively affected. In this context, the US dollar strengthened, and the US equities moved lower. LME copper market, supported by cash, moved higher following rising LME zinc prices, closing at USD 7,140/mt, up USD 125/mt, and with positions up 3,556 lots.
Technically, LME copper prices stood firm at the 5 and 10-day moving average, and is expected to stabilize further. However, SMM believes LME copper prices will meet resistance at USD 7,200/mt, and is estimated to fluctuate between USD 7,000-7,200/mt.
To contact the writer on this report: Iriszhu@smm.cn
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