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SMM Morning Review - 2010/3/12 Copper Market
SHANGHAI, Mar. 12 (SMM) -- China's CPI in February increased 2.7% on a yearly basis, approaching to 3% inflation target set in the government work report for 2010 and higher than deposit rate of 2.25%, triggering market worries that China may embark on a monetary tightening policy. As a result, LME copper prices followed declines of SHFE copper prices, falling as low as USD 7,355/mt, and LME copper prices finally closed at USD 7,465/mt. Any downward room for copper prices will be limited following absorption of the news.
Spot consumption in Chinese copper market failed to improve, which was not in line with improved orders. Downstream demand will likely improve if inventories are consumed.
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