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SMM Morning Review - 2010/6/21 Copper Market
SHANGHAI, June 21 (SMM) – Last Friday, LME copper prices remained weak due to soft performance in Chinese copper market. LME copper prices closed at USD 6,420/mt after falling as low as USD 6,310/mt. Later, European officials said the result of European bank stress test will be released, and analysts generally expected the result will ease market concerns over banking system in Europe. In this context, the euro moved higher, setting a 3-week high, and the US dollar index fell back to 85.3 in response. As a result, LME copper prices strengthened during early Asian trading hours on Monday, rallying to above USD 6,500/mt. SMM believes SHFE copper prices will climb higher along with rising LME copper prices on Monday, with SHFE September delivery copper prices expected to fluctuate between RMB 51,500-52,000/mt.
To contact the writer on this report: iriszhu@smm.cn
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