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[Cu] SMM Morning Review - 2009/10/23 Copper Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Oct. 23 (SMM) -- The US dollar rebounded slightly, and LME copper prices remained stable. However, positive China's GDP in 3Q boosted copper prices, and LME three-month contract copper prices closed at USD 6,595/mt, up USD 5/mt. LME copper inventories increased by 1,525mt, bringing total inventories to 364,075mt. SHFE copper prices underperformed LME copper prices, and spot discounts expanded constantly, generating concerns over consumption. Yesterday, LME copper prices fell slightly, but the downward room was limited. LME copper prices will likely soar in the near term, and the situation of strong LME copper prices and weak SHFE copper prices will continue.
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