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SMM Morning Review - 2010/7/1 Copper Market
SHANGHAI, July 1 (SMM) – LME copper market experienced volatile performance on Wednesday. LME copper prices opened at USD 6,477/mt and closed at USD 6,522/mt, with the highest and lowest level of the trading day at USD 6,570/mt and USD 6,348/mt. As global financial markets plunged on Tuesday, base metal markets in China registered corrections on Wednesday. However, the worse-than-expected private-sector employment data in the US weighed down base metal prices. Later, the panic sentiment improved, helping LME copper market close in positive territory.
China will announce PMI on Thursday, while the US government will release its employment data for June on this Friday. A string of important data will be announced soon, while unfavorable economic conditions recently leave fragile market sentiment. Hence, SMM believes any upward momentum will be feeble.
To contact the writer on this report: iriszhu@smm.cn
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