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SMM Morning Review - 2010/9/2 Copper Market
SHANGHAI, Sep. 2 (SMM) – The US ISM’s manufacturing PMI registered 56.3 in August, well above the expected level of 53.0. The stronger-than-expected PMI data in the US, coupled with higher-than-expected PMI data in China boosted market confidence. Dow Jones index gained 2.54% to close at 10,269 points. In this context, LME copper prices hit a session high of USD 7,645/mt, a level not seen since late April. Finally, LME copper prices closed at USD 7,620/mt, up USD 215/mt, or a gain of 2.9%.
Strong performance on the LME copper market boosted market confidence, and an upward room has been available after LME copper prices broke through the key resistance level of USD 7,500/mt. SMM expects LME copper prices to fluctuate at around USD 7,500/mt in the short term. If more positive news is available, LME copper prices will likely test USD 7,800/mt.
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