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SMM Morning Review - 2010/8/5 Copper Market
SHANGHAI, Aug. 5 (SMM) – The positive US economic data improved market confidence, and helped the US equities market advance, and LME base metals market regained ground from previous losses as a result. LME copper prices advanced to USD 7,525/mt from USD 7,355/mt before ending at USD 7,485/mt, up USD 75/mt.
LME copper prices regained upward momentum when market generally believed that copper prices would experience downward corrections, a sign of its strong bullish trend. However, SMM believes that LME copper prices will correct at USD 7,800/mt in the short term, and time is still needed for prices to test USD 7,800/mt.
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