SMM Morning Review - 2010/6/25 Copper Market

SHANGHAI, June 25 (SMM) – As market was digesting the US Federal Reserve’s comments about weaker-than-expected economic recovery, Dow Jones came under pressure and closed at 10,152 points, down 145 points. However, stronger-than-expected durable orders and dropping jobless claims figures later helped improve market sentiment. LME copper prices slid as low as USD 6,538/mt after opening at USD 6,570/mt, and finally finished at a daily high of USD 6,695/mt. LME copper inventories fell 1,725 mt to 454,700 mt. On Friday morning, LME copper prices in electronic trading opened at USD 6,670/mt, and met resistance when trying to break out USD 6,700/mt, a sign of lack of upward momentum.

SHFE copper market will remain closely related to China A-shares market, and try to find a solid support at RMB 53,500/mt before testing RMB 54,000/mt.

To contact the writer on this report: iriszhu@smm.cn 

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