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SMM Morning Review - 2010/8/25 Copper Market
SHANGHAI, Aug. 25 (SMM) -- The National Association of Realtors announced yesterday the US existing home sales plunged to a 3.83 million annual rate in July, hitting a record low since May 1995, and the pace compares with the median forecast of a 4.7 million rate. This news caused the US stocks, US dollar, and base metals prices to move lower. Prices for copper, widely used in construction industry, plunged as well, with LME copper prices hitting the lowest level of USD 7,109/mt and finally closing at USD 7,145/mt, down USD 130/mt. However, trading volumes expanded in the LME copper market, with total trading volumes reaching 99,440 lots, and the capital turnover rate was high.
In Asian trading period this morning, LME copper prices rebounded from lows, with prices fluctuating around USD 7,150/mt. LME copper prices tested the support at USD 7,100/mt again, but there is little chance LME copper prices will fall below USD 7,100/mt in the near term, since buying at lower prices will help support copper prices to rally, with eyes on the US GDP due for release on Friday.
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