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[Cu] SMM Morning Review - 2009/11/9 Copper Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 9 (SMM) -- The US Department of Labor released last Friday that the US non-farm employment in October dropped by 190,000, higher than market forecast of 175,000. The US unemployment rate in October was 10.2%, higher than market forecast of 9.9%. The higher unemployment rate dampened the US stocks and base metal prices, and LME copper prices closed at USD 6,490/mt, down USD 40/mt. LME copper inventories increased by 5,750mt, bringing total inventories to 385,575mt. Although the negative employment data exerted downward pressure on copper prices, the recovery of LME copper prices before closing signals the solid support from lower prices. LME copper prices are expected to fluctuate during this week.
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