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SMM Morning Review - 2010/9/30 Copper Market
SHANGHAI, Sep. 30 (SMM) -- Due growing expectation of the US Federal Reserves’ economic stimulus policies and further slip of the US dollar at 78.61, LME copper prices advanced. Meanwhile, HSBC announced yesterday China's manufacturing PMI was up to 52.9, reaching a 5-month high, fueling copper price. In this context, LME copper prices experienced strong performance on Wednesday, and reached to the highest at USD 8,075/mt last seen in August 2008, setting a new high within the year.
However, LME copper prices weakened during the early Asian trading hours and SHFE copper contract opened with significant losses due to possibility of further real estate regulating polices in China and approval of RMB appreciation bill from the US House of Representatives and also from risk aversion sentiment before the National Day holiday.
SMM believes that SHFE copper prices will experience weak performance on Thursday.
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