Metals News
[Cu] SMM Morning Review - 2009/10/22 Copper Market
smm insight
Dec 7,2009

SHANGHAI, Oct. 22 (SMM) -- The strong US business results for 3Q increased market confidence in economic recovery, drawing investor attention to higher-yield currencies, and the US dollar index dropped below 75 as a result, and crude oil prices soared to USD 80/barrel. In addition, the Chile strike also helped push up copper prices. LME copper prices hit a daily high of USD 6,670/mt, and closed at USD 6,655/mt, up USD 245/mt. LME copper inventories increased by 5,275mt, bringing total inventories to 362,550mt. Technically, LME copper prices have broken through the previous fluctuation range, and will likely move up to test USD 6,800/mt in the near term.


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