Metals News
[Cu] CBI Morning Review - 2008/12/10 Copper Market
smm insight
13:16PM
Source:SMM

SHANGHAI, Dec. 10 (CBI China) -- Yesterday, US stock market declined and crude oil prices remained low, LME copper overdropped other base metals. Three-month LME copper closed at USD 3200.3/mt, down USD 109.8/mt. Several copper producers, including Freeport Copper and Gold, declared to cut production. LME copper inventory continued to increase by 1,850mt with total amounted to 302,575mt. It was the highest position since the beginning of 2004, and equaled to global consumption in six days. As CBI mentioned before, though favorable news uplifted copper prices temporarily, it is difficult to maintain a substantial rebound. If disappointing economic data come out again, LME copper price may test support at USD 3,000/mt soon.


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