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SMM Morning Review - 2010/6/12 Copper Market
SHANGHAI, June 12 (SMM) – LME copper prices advanced due to China’s strong economic data. The US dollar slid to a recent low level of 86.9 along with positive sales of bonds sales in Europe and favorable economic performance in Australia, adding upward momentum to LME copper prices. LME copper market overnight broke above the 10-day moving average, rallying to USD 6,535/mt. Despite of closing at USD 6,460/mt after giving up some losses following weaker-than-expected US retails sales data, LME copper prices finished higher for a fourth consecutive day, reassuring the round of price gains.
SHFE market will be closed from June 14-16, and LME copper prices will lack of further upward momentum during the holiday period. The round of price corrections towards previous sharp losses is coming to an end, and SMM believes LME copper prices will drop rapidly if negative news comes out.
To contact the writer on this report: iriszhu@smm.cn
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