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[Cu] CBI Morning Review - 2009/1/5 Copper Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Jan. 5 (CBI China) -- On Jan. 2nd, LME copper closed at USD 3,210/mt, up USD 130/mt. This round of rise was affected by short-covering, at the same time, the adjustments of the annual major commodity index weighting also boost copper prices. Recently, crude oil will remain strong due to geopolitical tensions and the U.S. strategic reserve of crude oil, which is good news for commodity market. LME copper inventory increased by 775 mt, and the total inventory reached 340,550 mt. Today SHFE copper prices are expected to rise, but compared to other metals, the copper prices are likely to fall, so it is not the time to copy the bottom.
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