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SMM Morning Review - 2010/9/9 Copper Market

iconSep 9, 2010 00:00

SHANGHAI, Sep. 9 (SMM) – Market concerns over the health of European banking sector were eased, as Portugal’s positive bond sales lifted market sentiment. The US dollar index fell to the 82.3-82.5 range, and base metal prices rallied in response. LME copper market overnight reached as high as USD 7,717/mt before closing at USD 7,675/mt, up USD 60/mt. Despite gains in the LME copper market, trading volumes fell significantly to 82,839 lots, a sign of low market trading sentiment. However, LME copper prices remained in the price band between USD 7,500-7,800/mt. SMM believes that LME copper prices will likely continue to experience fluctuations in the short term. 

 

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