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SMM Morning Review - 2010/7/16 Copper Market
SHANGHAI, July 16 (SMM) – Although the US dollar index dropped sharply to 82.2, base metals market failed to make strong positive response to it, with most little changed. It is believed that a softer US dollar in recent days is linked to weaker macro data from the US. The disappointing data from the US added to market concerns over demand outlook. LME copper market overnight fell back to USD 6,600/mt after reaching as high as USD 6,720/mt, and finally closed at USD 6,645/mt, little changed from a day earlier.
SMM believes that LME copper market will unlikely see breakthroughs in the short term in view of a weak US dollar, and fears of economic outlook, with levels expected to move USD 6,600-6,800/mt.
To contact the writer on this report: iriszhu@smm.cn
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