Metals News
[Cu] SMM Morning Review - 2009/11/27 Copper Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Nov. 27 (SMM) -- Dubai World announced to delay debt payments, triggering investor concerns over risks and raising the risk-avoidance of US dollar, so the US dollar index rebounded to 74.9 in response. The strengthened US dollar exerted downward pressure on LME copper, and worker strike came to an end in Chile mine also had a negative impact on copper prices. In this context, LME copper prices closed at USD 6,821/mt, down USD 164/mt. LME copper inventories increased by 475 mt, bringing total inventories to 432,075 mt. Today, SHFE copper prices will fluctuate along with LME copper prices, with spot trading sentiment expected to improve. LME copper prices will continue to move around USD 7,000/mt in the short term.

 

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