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SMM Morning Review - 2010/8/18 Copper Market
SHANGHAI, Aug. 18 (SMM) – The US equities market advanced due to strong corporate earnings reports. The US dollar fell back as strong demand on Irish and Spanish debt auctions eased market worries over the economy in the Euro zone, dropping as low as 82.0. Moreover, the US Department of Commerce announced that its housing starts increased 1.7% in July and industrial production grew 0.1%. All these reports were favorable for base metals market, and LME copper prices rallied further in response. LME copper market overnight reached as high as USD 7,402/mt before ending at USD 7,390/mt, up USD 155/mt, or a gain of 2%.
LME copper market has returned above the USD 7,300/mt mark, and SMM believes that LME copper prices will test USD 7,500/mt in the short term, and will continue to fluctuate in an upward track during the rest of the week.
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