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SMM Morning Review - 2010/12/22 Copper Market
SHANGHAI, Dec. 22 (SMM) – According to the official data, China’s imports of refined copper rose 36.7% MoM and 18.5% YoY in November. Supported by the positive data, LME copper market overnight closed higher at USD 9,365/mt and set a new record high of USD 9,392/mt during the session. Trading volumes increased by 1,395 lots, and positions were up by 91 lots. LME copper inventories are on the increase recently, and the premiums for cash material over contracts have fallen to USD 36/mt, and the US dollar index finished up at 80.697. However, LME copper prices continued to advance along with long sentiment and technical upward momentum.
During Tuesday’s Asian trading hours, the US dollar index is expected to move between 80.4-80.8, and LME copper prices will fluctuate in the USD 9,260-9,400/mt range, and SHFE three-month copper contract prices will move between RMB 69,200-70,200/mt on Wednesday.
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