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SMM Morning Review - 2010/8/11 Copper Market
SHANGHAI, Aug. 11 (SMM) – The US Federal Reserve announced to keep its extremely low interest rate unchanged for an extended period. Meanwhile, the Fed unveiled plans to invest government debt, in a bid to support the faltering economic recovery. The US dollar advanced before the Fed meeting, reaching above 81.5. A rising US dollar and China’s weak import and export trade data weighed down copper prices. LME copper prices fell as low as USD 7,229/mt during the session. The US dollar index fell back after the Fed announced its move to take fresh efforts to boost economic recovery. In this context, LME copper prices rebounded from session lows, with prices closing at USD 7,335/mt, down USD 80/mt.
China will announce the CPI data today, and market generally believes the inflation pressure will accelerate. SMM believes that LME copper prices will experience further downward corrections following a series of negative news, and prices will rebound to around USD 7,500/mt after digesting negative news.
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