Business Articles - U.S. dollar down the market to stabilize copper bounced back

by CYCY WANG - Date: 2010-07-21 - Word Count: 497 Share This!

HC HVAC & R Network  Because of the dollar fall against the euro zone and the debt problems of the market panic stabilized, the London Metal Exchange (LME) copper futures rebounded higher 21. Which, LME copper for three months late index closed at 6,845 dollars, 20 closed at 6,610 dollars. Stockpiles, LME copper inventory reduction of 21 1,475 tons daily.

Board position point of view, be short-term macroeconomic stabilization support market sentiment, the recent decline in copper suspension, steadied stage rebound. But now the euro zone is still not solved the debt crisis, the overall trend of the market still favor cautious, and investors worried about short-term central bank tightening is also lingering. Therefore, copper is expected to rebound in the short term goal of the first Road 7000 ~ 7070 U.S. dollars will point line.

Information surface, the Japanese Electric Wire & Cable Manufacturers Association data showed on Friday, Japan in April called copper and copper shipments increased 6.5% over the same period last year, estimated at 55,800 tons. The association's data show that copper and copper in Japan in April than in March shipments of 60,145 tons.

Same time, the Chilean National Copper Corporation (Codelco) new chief executive, Hernandez 19, said the state-owned giant copper output next three years will likely remain stable. The world's largest copper producer Codelco09 1.7 million tonnes of annual output of copper, copper production in 2010 rose slightly. According to the International Copper Study

Organization (ICSG) 20 said yesterday, January-February 2010, the global refined copper market surplus of 148,000 tonnes of supply, while the surplus in 2009 compared to 144,000 tons. ICSG said it expected the world from January to February refined copper consumption increased by 5.9% or 163,000 tonnes to 2.91 million tons, because in addition to other regions outside North America are increasing demand.

Macro-surface view, copper gains a positive trend by the support the macro market days, due to the debt crisis in Europe caused by short-term anxiety relief. But because of the long-term euro zone debt and continuing influence, is expected that this optimism is expected to brief. Specific term, while the German 21 euro zone countries that agreed to participate in assistance programs, but Spain will face unrest, or due to union said the convening of a general strike, and the Greek side will also face fiscal austerity measures triggered violent protests event. In addition, the Chinese side to respond to the development of the economy overheating to be taken to tight monetary policy caused investors are not optimistic about the expected future demand. (Kechuang Information Ma Shuang)

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