[Cu] CBI Morning Review - 2008/12/17 Copper Market

SHANGHAI, Dec. 17 (CBI China) -- U.S. economic data weakened again, but soft U.S. dollar slowed the continuous declines in LME copper. Three-month LME copper closed at USD 3070/mt, down USD 20/mt. London stocks increased 3800 mt with a total inventory amounting to 318,625 mt. After the close of the metal market, the U.S. FED announced the rate cut with the target interest rate reducing from 1% to 0-0.25%. Stimulated by this news, U.S. stocks rose sharply and today metal market likely open higher. However, these data also highlighted the difficulties of the current economic situation, and LME copper will return to be weak after the news is absorbed by the market.

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