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SMM Morning Review - 2010/8/9 Copper Market
SHANGHAI, Aug. 9 (SMM) –On Friday, the US announced weaker non-farm payrolls, which lost 131,000 jobs in July, well above the expected level of 65,000. Plagued by disappointing employment data, the US dollar, equities and commodity markets moved lower. LME copper prices slid to USD 7,335/mt from 7,520/mt, and finally closed at USD 7,380/mt, down USD 15/mt.
On Monday’s Asian trading hours, LME copper prices ended its falling trend, rebounding to above USD 7,400/mt, a sign of strong copper price trends. SMM believes that copper prices will continue to fluctuate in the short term, but on an upward track.
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