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[Cu] SMM Morning Review - 2009/11/5 Copper Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 5 (SMM) -- The US Federal Reserve (Fed) decided to maintain interest rate unchanged, and did not show any signs of raising interest rate in the future. This news dampened the US dollar, and the US dollar index fell from 76.3 to 75.7 as a result. Base metal prices climbed in response, and LME three-month contract copper prices closed at USD 6,570/mt, up USD 110/mt. LME copper inventories increased by 250mt, bringing total inventories to 374,050mt. Copper prices still failed to break through USD 6,700/mt despite of US dollar weakness. If the non-farm employment data is positive on Friday, LME copper prices will likely inch up further to test USD 6,700/mt.
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