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SMM Morning Review - 2010/8/2 Copper Market
SHANGHAI, August 2 (SMM) – The US GDP growth was 2.4% in 2Q, lower than the expected level of 2.5%, but later the US Chicago PMI index unexpectedly rose to 62.3 in July, well above the estimation of 56.5. Coupled with rising US equities market from strong corporate earnings reports, LME base metals market kept its bullish trend. LME copper prices advanced, reaching as high as USD 7,314/mt after climbing above USD 7,300/mt. Finally, LME copper prices closed at USD 7,300/mt, up USD 45/mt.
Recently, LME copper price gains are beyond market expectations, and whether or not price rallies will continue depends on buying activity from China. If purchasing interest remains strong, copper prices will hit a new high.
To contact the writer on this report: iriszhu@smm.cn
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