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SMM Morning Review - 2010/7/26 Copper Market
SHANGHAI, July 26 (SMM) – LME copper price hit a new high since May 2010, supported by continuous declines in inventories, eased worries towards European debt issues, and a rally in US equities markets.
According to the results of stress tests on European banks, seven of 91 European banks failed stress tests. In addition, improved economic data in Germany boosted market confidence towards economy in the Europe. LME copper market on Friday rallied as high as USD 7,085/mt before ending at USD 7,035/mt along with improved market sentiment and fund support, holding most of gains.
Despite of positive outlook towards copper prices, SMM believes LME copper price will likely experience consolidation at around USD 7,000/mt, and will fluctuate in the USD 6,900-7,100/mt range in the short term.
To contact the writer on this report: iriszhu@smm.cn
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