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SMM Morning Review - 2010/7/12 Copper Market
SHANGHAI, July 12 (SMM) – LME copper prices on Friday continued to advance due to a rally in US equities market, and a weaker US dollar, and reached as high as USD 6,775/mt before closing at USD 6,745/mt, up USD 85/mt.
Based on preliminary data from China Customs, China’s imports of unwrought copper and copper semis fell in June on a monthly basis, and the news is expected to hold copper price gains in check in the short term. SMM believes SHFE July delivery copper prices will fluctuate in the RMB 53,700-54,200/mt range on Monday.
To contact the writer on this report: iriszhu@smm.cn
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