Metals News
SMM Morning Review - 2009/12/23 Copper Market
smm insight
11:17AM
Dec 23,2009
Source:SMM

SHANGHAI, Dec. 23 (SMM) -- Copper market suffered negative impact, as the US 3Q GDP growth was revised down. However, the negative impact was offset by a 7.4% growth of the US house sales data for November. In this context, LME copper market closed at USD 6,881/mt, down USD 59/mt. LME copper inventories grew by 1,450 mt to 480,900 mt.

Weak performance in the LME copper market is within SMM prediction. SMM believes LME copper market will continue to fluctuate, and may test USD 6,800/mt, as the US dollar remains strong.

 

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