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SMM Morning Review - 2010/5/31 Copper Market
SHANGHAI, May 31 (SMM) -- Last Friday, Fitch lowered Spain's ratings to AA-Plus, and the move weighed down the euro further. At the same time, consumer spending, consumer confidence index, as well as PMI index in the US were all lower than expected, sending US equities market lower. In this context, LME copper prices fell back from a session high of USD 7,043/mt, and finally closed at USD 6,860/mt, down USD 110/mt.
Any upward momentum for LME copper prices has been depressed by negative news from macro aspects. SMM believes LME copper prices will fluctuate between USD 6,750-6,900/mt in the future.
To contact the writer on this report: iriszhu@smm.cn
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