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SMM Morning Review - 2010/9/15 Copper Market
SHANGHAI, Sep. 15 (SMM) – Market talk that the US Federal Reserve will announce a new loose monetary policy to stimulate its economy triggered sell-off of the US dollar, and also intensified market concerns over the economic recovery. In this context, LME copper market overnight failed to move higher, though the US dollar index fell below 81, and dropped as low as USD 7,535/mt along with lower ZEW indicator. Later, LME copper prices rebounded following a strong growth of US retail sales data in August, and finally closed USD 7,615/mt, down USD 10/mt.
LME copper prices are now moving around at the USD 7,600/mt mark, and with a slow rising momentum. SMM believes that LME copper prices will continue to fluctuate in the RMB 7,500-7,800/mt range without solid news.
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