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SMM Morning Review - 2010/9/8 Copper Market
SHANGHAI, Sep. 8 (SMM) – The euro fell against the US dollar along with renewed concerns over stress tests on the European banking sector and disappointing manufacturing order data in Germany. As a result, the US dollar index rallied close to around 83. With stronger US dollar, LME copper prices fell as low as USD 7,500/mt before ending at USD 7,615/mt, down USD 100/mt. As LME copper prices are able to find support at USD 7,500/mt, LME copper market will not slid below USD 7,500/mt unless solid negative news is released, despite short-term price corrections. SMM believes that LME copper prices will move between USD 7,500-7,800/mt.
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