Metals News
[Cu] CBI Morning Review - 2008/12/23 Copper Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Dec. 23 (CBI China) -- LME copper increased due to the weakening dollar and the increase in Chinese imports, however, the growth was limited due to the increase in stock and cash premium, three-month LME copper closed at USD 2960/mt, down USD 35/mt. Yesterday market rumors that Chinese State Reserve Bureau will purchase aluminum and zinc as reserves, with copper may being the next target boosted the domestic metal, SHFE copper increased to limit. Yesterday the Chinese government announced to cut interest rates again, leading the copper prices rising in the short term. However, we do not believe that this will support the copper prices to increase further.


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