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SMM Morning Review - 2010/6/10 Copper Market
SHANGHAI, June 10 (SMM) – The US Federal Reserve Chairman Ben Bernanke's positive comments on its economy pressed the US dollar to some extent, helping US equities markets fall back to 87.4. In other news, the unidentified people said China's import and export data in May will be stronger than expected. In this context, LME copper market overnight advanced, and climbed as high as USD 6,380/mt before closing at USD 6,326/mt, up USD 196.8/mt. China will announce major economic data soon, with particular attention to be paid on it.
SHFE copper prices rebounded strongly, and any further rises will be hampered if no positive news is available. SMM expects SHFE September delivery copper prices will move between RMB 49,500-50,500/mt on Thursday.
To contact the writer on this report: iriszhu@smm.cn
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