[Cu] SMM Summary - 2009/7/30 Spot Copper Market

SHANGHAI, July 30 (SMM) -- East China, traded prices for spot copper were in the RMB 43,350-43,600/mt range in Shanghai region today. Copper prices recovered slightly in the afternoon due to support from stabilized stock markets. Today, transactions improved slightly, but struggles between long and short positions remained intense. Traded prices for spot copper were in the RMB 43,350-43,600/mt range in Shandong region. Downstream consumers were still cautious about purchases, but market consumptions improved slightly, as copper prices ended the downward trend.

    South China, traded prices were in the RMB 43,300-43,500/mt range for spot copper. Market supply was not ample, but consumption remained weak. The downstream consumers purchased based on production needs.

    North China, traded prices were RMB 43,400-43,500/mt for spot copper. Weak consumption during recent two weeks led to growth in trader inventories, so market supply was sufficient. Today, copper prices recovered slightly in the afternoon, and buyers were cautious, so transactions became weak.

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