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SMM Morning Review - 2010/8/31 Copper Market
SHANGHAI, Aug. 31 (SMM) – The LME market was closed on Monday for Summer Bank holiday. Despite of positive consumer spending data in the US, market concerns over the economy rekindled, sending the US equities and crude prices lower. During Tuesday’s early Asian trading hours, LME copper prices fluctuated above at USD 7,400/mt, failing to move higher. SHFE copper market on Monday represented strong performance, and SHFE September delivery copper contract opened high at gap, reaching as high as RMB 59,450/mt. However, a lack of upward momentum on the LME copper market will restrict rising room for SHFE copper market. Hence, SMM believes that SHFE copper prices will likely edge down on Tuesday.
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