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[Cu] SMM Morning Review - 2009/11/17 Copper Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 17 (SMM) -- Yesterday, SHFE copper prices advanced propelled by strong domestic A-share stock market ahead of LME copper prices. Last night, the US Department of Commerce announced that the retail sales in October increased by 1.4%, higher than market forecast, which helped drive up the US stocks. The US dollar weakened, as Bernanke said the Fed will maintain low interest rate, and the US President Obama and Asian leaders failed to make a decision on the exchange rate, so the US dollar index fell to 74.8. In this context, LME copper prices broke through the pressure level of USD 6,800/mt, and closed at USD 6,855/mt, up USD 335/mt. LME copper prices set a new high after breaking through USD 6,800/mt, and are expected to soar to USD 7,000/mt, but will likely face limited reduction during recent two days.
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