[Cu] SMM Morning Review - 2009/11/16 Copper Market

SHANGHAI, Nov. 16 (SMM) -- Positive sales data helped push up the US stock market, and the US dollar weakened slightly as well, stimulating copper prices to move up. LME copper prices closed at USD 6,520/mt, up USD 17/mt. LME copper inventories increased by 1,500mt, bringing total inventories to 403,625mt. Constant growth in both LME and SHFE copper inventories generated market concerns over demand. However, the US President Barack Obama began his visit to China at the beginning of this week, exerting pressure on RMB appreciation and leaving more possibility of downward movement for the US dollar. Copper prices are expected to continue to fluctuate in the near term.

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