[Cu] CBI Morning Review - 2008/12/11 Copper Market

SHANGHAI, Dec. 11 (CBI China) – LME copper increased due to weaker dollar, rising oil prices, and introduction of the bailout plan in U.S. auto industry, three-month LME copper closed at USD 3307/mt, up USD 106.8/mt. Inventory increased by 1025 mt, and total inventory was 303,600 mt. Australian mining giant Rio Tinto announced that it would cut spending and lay off 14,000 people. As it is expected that the central economic conference will introduce the further investment-related programs, yesterday SHFE copper was not affected by the LME copper and was on upward trend. However, data about customs and CPI which will be released recently may not support the prices, so it is uneasy for LME copper to be out of weak situation.

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