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SMM Morning Review - 2010/8/3 Copper Market
SHANGHAI, August 3 (SMM) – The US dollar came under great downward pressure due to strong manufacturing data from the Euro zone and UK, helping the US dollar index drop below 81, fluctuating at around 80.9. In addition, the US announced the better-than-expected PMI data for July. Supported by a weaker US dollar, and improved global manufacturing sector, LME copper prices climbed higher, reaching as high as USD 7,500/mt before closing at USD 7,470/mt, up 2.3%.
LME copper market is now in a bullish track, having climbed above the resistance level of USD 7,500/mt, and the next target will be the USD 7,800/mt mark. No significant improvements have been seen in domestic demand, giving no support for this round of copper price gains, and will also pose a threat to further gains. SMM takes a cautiously optimistic view towards the outlook.
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