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[Cu] SMM Morning Review - 2009/11/25 Copper Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 25 (SMM) -- The US Commerce Department announced that the GDP growth was 2.8% for 3Q, slightly lower the expected level of 2.9%. Yesterday, China Banking Regulatory Commission required commercial banks to properly manage risk prevention of loans, which raised market concerns towards cash flow.
In this context, the US stock markets fell, and the US dollar rebounded, sending base metal prices lower. LME copper prices closed at USD 6,870/mt, down USD 80/mt. LME copper inventories grew by 4,725 mt to 429,650 mt. Thanksgiving Day is coming soon, and the US market will be closed for the holiday. Therefore, SMM believes the US dollar will not show positive movements. As a result, LME copper prices will continue to experience fluctuations.
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