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Home / Metal News / SMM Morning Review - 2009/12/8 Copper Market

SMM Morning Review - 2009/12/8 Copper Market

Dec 8, 2009 14:24

Source:SMM

SHANGHAI, Dec. 8 (SMM) -- The US dollar index hit above 76.1 following expectations of possible interest rate increases by the US government. As a result, LME copper prices fell back, ending at USD 6,999/mt, down USD 41/mt. LME copper inventories grew by 6,475 mt to 452,550 mt. Later, the Fed chairman announced that the low interest rate will remain for a while, weighing down the US dollar, with current levels around 75.6.

A stronger US dollar caused LME copper prices to drop below USD 7,000/mt, and a falling US dollar is expected to support LME copper prices in response.

In China, the news from the Central Economic Work Conference is favorable for stabilizing the domestic financial market. Hence, SMM believes SHFE copper market will remain strong.

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