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SMM Morning Review - 2010/9/28 Copper Market
SHANGHAI, Sep. 28 (SMM) – As SHFE copper market gained at a slower pace compared with LME copper market after the Mid-Autumn Day holiday, LME copper market overnight dropped below RMB 7,900/mt, and slid as low as USD 7,885/mt before finally ending at USD 7,902/mt, down USD 52/mt.
During Tuesday's earlier Asian trading hours, LME copper prices were fluctuating at USD 7,880/mt, with weak movements reported. A weaker SHFE copper market caused the SHFE/LME copper price ratio to fell to between 7.6-7.7. However, continuing declines in LME copper inventories and narrowing spot contango between cash-to-three-month supported LME copper prices. In addition, market expects to see a growth of copper consumption in the future, given recent greater pressure of RMB appreciation. Hence, SMM believes that LME copper prices will remain at high levels, and may test the USD 8,000/mt mark.
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