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SMM Morning Review - 2010/9/21 Copper Market
SHANGHAI, Sep. 21 (SMM) – Investors chose to lock profits for risk aversion with the upcoming interest rate meeting of the US Federal Reserve. In addition, the US National Association of Home Builders announced a weak housing market index for September, weighing down the market sentiment. In this context, LME copper prices fell as low as USD 7,685/mt before ending at USD 7,710/mt, down USD 17.5/mt.
On Tuesday’s earlier Asian trading hours, LME copper prices stabilized at above USD 7,700/mt. SMM believes that SHFE October delivery copper contract will fluctuate at around RMB 60,000/mt on Tuesday.
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