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SMM Morning Review - 2010/7/23 Copper Market
SHANGHAI, July 23 (SMM) – The US equities markets moved higher due to positive corporate earnings reports, and the US dollar index fell below 83 following strong economic data in the euro zone. Stimulated by positive news, fund support, and falling inventories, LME copper prices stood firmly at USD 6,800/mt, and briefly climbed above USD 7,000/mt, reaching as high as USD 7,050/mt. However, LME copper prices fell back at the tail of trading, with prices closing at USD 6,975/mt, up USD 125/mt.
On Friday, the results of stress tests on European banks will be released. If the data is positive, copper prices will climb higher, and may stand steadily at USD 7,000/mt. SMM expects LME copper prices to fluctuate in the USD 6,800-7,100/mt range in the short term.
To contact the writer on this report: iriszhu@smm.cn
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