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SMM Morning Review - 2010/8/30 Copper Market
SHANGHAI, Aug. 30 (SMM) – LME copper prices climbed from USD 7,200/mt to USD 7,445/mt, supported by a rally on financial markets following a speech by the Federal Reserve chief, up USD 125/mt, the highest level in nearly 6 days. Expansion both in positions and trading volumes indicated brisk short-covering.
The LME market will be closed on Monday for a Summer Bank holiday, and will resume trading on Tuesday. SHFE copper market will track the rising pace seen on the LME copper market last Friday. SMM expects SHFE current-month copper contract to move between RMB 58,500-59,500/mt on Monday.
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