[Cu] CBI Evening Review - 2009/4/7 Copper Market

SHANGHAI, Apr. 7 (CBI China) -- SHFE market was closed during Qingming Festival holiday. Today, SHFE copper rose due to the strong upward momentum of LME copper during previous two days. SHFE copper 0907 contract opened at RMB 34,870/mt in early trading, and then kept rising to RMB 35,000/mt after short fluctuations. SHFE copper continued to rise in the afternoon and closed at RMB 35,760/mt, up 4.99%, with the trade volume down slightly compared to last trading day and the position up 18,770 lots. Today, the spot price was in the RMB 37,800-37,950/mt range, with the premium in the RMB 450-600/mt range. The transactions were better in spot market, with limited supply in the market. A batch of imported copper will arrive at port within this week.

    The U.S. Labor Department announced on April 3rd that the non-farm employment declined 663,000 during March, with unemployment up to 8.5, and higher than the previous market expectation, which dampened the U.S. economy. The SHFE copper inventories declined by 2,273 mt last week, indicating the tight spot supply in Shanghai region. Today, SHFE copper rose strongly and will continue to rise with fluctuations in the short term.

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