Metals News
[Cu] SMM Morning Review - 2009/10/30 Copper Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Oct. 30 (SMM) -- The US Department of Commerce reported on Thursday that the gross domestic product (GDP) in 3Q climbed at a 3.5% annual pace, while the previous forecast was a growth rate of 3.3%. Positively affected by the favorable US economic data, the US stocks experienced the highest daily growth rate within three months, which reduced the demand for US dollar risk avoidance, and the US dollar index fell below 76 as a result.

    Base metal prices climbed generally, and LME copper prices closed at USD 6,664.5/mt, up RMB 234.5/mt. LME copper inventories declined by 325mt, bringing total inventories to 371,400mt. The positive US GDP data helped drive up LME copper prices to USD 6,600/mt and above again, and LME copper prices will face great pressure at USD 6,800/mt in the short term, but SMM predicts copper prices will fluctuate higher in the near future in view of production cuts at copper mines, worker strikes and the US dollar weakness.

 

Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.

None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: metalresearch@cbichina.com or tel:86-21-51550040

CBI China CBMB
copper Cu
Market movement
For queries, please contact Frank LIU at liuxiaolei@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn
Related Price

No Data