Metals News
[Cu] SMM Morning Review - 2009/11/19 Copper Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Nov. 19 (SMM) -- Crude oil futures prices climbed to USD 80/barrel driven up by declines in crude oil inventories, and LME copper prices also led base metals' gains, and moved up to USD 6,990/mt, but faced great pressure at USD 7,000/mt, and finally lost previous gains due to falling housing starts in the US. LME copper prices closed USD 6,880/mt, up USD 54/mt. LME copper inventories increased by 4,100 mt, bringing total inventories to 414,100 mt. LME copper prices have received support at USD 6,800/mt, and will advance to test USD 7,000/mt as long as the US dollar lends enough support.

 

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